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.
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Gap up over the channel line. Do you think that markets have to “make sense?”, think about the Tech bubble of 1999. Commercial propoerty is hosed, but that doesn’t mean the stocks can’t run for the sky. However, one temperment to this bullishness….this could be a bronto throw off…what i mean is a silly stop catching rally up, followed by the big down. Arch Crawford has today as a big turn day, assumed to be down, and that barberous relic of Astro astronomy has been getting mainstream media coverage. The point is? Could be that he is getting gamed just like EWI gets gamed.
The Euro pegged off a long lasting PRS 133 channel line. This is a very strong signal, however, it looks like it is consolidating, possibly for another run at the line. That would be bullish for equities assuming the correlation holds.
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