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Chevron (CVX) Breaks Through Resistance at $104.72
[December 05, 2012]

Chevron (CVX) Breaks Through Resistance at $104.72

Dec 05, 2012 (SmarTrend(R) News Watch via COMTEX) -- Shares of Chevron (NYSE:CVX) have bullishly opened above the pivot of $104.33 today and have reached the first resistance level of $104.72. Investors may be interested in a cross of the next upside pivot targets of $105.48 and $106.63.

There is potential upside of 20.5% for shares of Chevron based on a current price of $104.43 and an average consensus analyst price target of $125.83. The stock should run into initial resistance at its 200-day moving average (MA) of $107.74 and subsequent resistance at its 50-day MA of $114.02.

In the past 52 weeks, shares of Chevron have traded between a low of $95.73 and a high of $118.53 and are now at $104.43, which is 9% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 0.13% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Chevron on October 10th, 2012 by issuing a Downtrend alert when the shares were trading at $113.53. Since that call, shares of Chevron have fallen 8.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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