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Technical Analysis – Chevron stock extends uptrend, eyeing crucial zone

Chevron’s stock has been gaining ground in the short-term after its sharp decline came to a halt at the 132.40 region. In addition, the ascending 50- and 200-day simple moving averages (SMAs) combined with the price action being near the upper Bollinger band are promoting a bullish technical picture.

The short-term oscillators suggest that near-term risks are tilted to the upside. Specifically, the MACD histogram is currently above both zero and its red signal line, while the RSI is hovering over the 50-neutral mark.

To the upside, further advances could meet initial resistance at the recent high of 166.70. Conquering this barricade, the bulls might aim for the double top region of 174.50.  A cross above the latter could open the door for the all-time high of 182.20.

On the flipside, should positive momentum wane and the price reverses down, the 160.00 psychological mark may act as the first support zone. Dipping beneath that region, the stock could descend towards 154.50 or lower to challenge the 50-day SMA, currently at 150.50. Failing to halt there, the 139.00 region could come under examination.

Overall, Chevron’s stock appears to have the necessary momentum to push higher. Therefore, a decisive jump above the 174.50 ceiling could ignite speculation for a fresh record high.

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