Chevron Corporation : The bullish impetus is not depleted
By Arnaud Le Berre
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$119.94 | $130 | $117.9 | +8.39% |
From a fundamental viewpoint, analysts polled by Thomson Reuters have regularly revised upward their earning per share estimates since September 2012. Consequently, profitability is improving, showing a relatively good financial health of the company.
Graphically, the security is up 11% since the 1st January. It seems able to continue this uptrend supported by 20 and 50-day moving averages and will soon test the USD 121.2 mid-term resistance. We anticipate a crossing of this level, given the upward orientation of the stock in the medium and long term. Above USD 121.2, a buy signal will be given and could lead prices towards new highs.
Investors could take a buy position once prices will be above the resistance confirmed on closing price. The objective will be the USD 130. A stop loss will be positioned under USD 118.