Chevron Corporation or CVX as listed in the New York Stock Exchange tripled its 2010 2nd quarter net income to $5.4 billion compared to the year earlier. Higher oil prices and a rise in oil production played vital roles in the 10-digit profit of this oil giant beating analysts’ expectation. Chevron stocks closed with a 0.25% gain to $76.21 during last Friday’s trading session.
Chart-wise, the stocks are headed northbound but could encounter some selling pressure at the $77.25 resistance. If that hurdle gets cleared out, the next resistance could be $80.75. On the flip side, the immediate significant support could be $70.96. If the stock price further drops below that area, the next support could be $66.83.