Chevron Corporation Is Showing Potential To Hit All-Time Highs!

Chevron Corp. is the second largest descendant of standard oil and is often known as Standard Oil Company of California. The firm was founded in the year 1879 and sells gasoline and petrochemicals. The company has a predecessor from 1870-1911. The current CEO of Chevron is Mike Wirth.

For Chevron shares, 72.61% of the float is held by institutions and the largest shareholder of the company is Vanguard Group LLC with 8.65% of shares. Only 0.04% of the shares of the company are held by the insiders, which is concerning for the CVX share.

The CVX share price has advanced by $3.24 USD in the last trading session and currently, the Chevron share is trading at $171.04. The current ROE of the company is 18.98%. The company has a debt/equity ratio of 13.59% following a P/E ratio of 10.85. It makes the CVX stock a good option to buy for the long term as the investors are willing to pay higher prices for the stock.

The CVX Stock Performance Analysis

The total profit for Chevron Corporation is 236.37 Billion, performing with a gross profit of 21 with an EBITDA of 24%. The company has also shown a huge advance in cash flow, performing at $38.94B and a net income of $35.47 Billion.

Technical Summary of CVX Stock

The CVX share is following bullish technicals on the daily timeframe following multiple MAs and Oscillators. The fundamentals of the company are also sustainable. This builds up the trust of experts in the market. Therefore, the experts and the technicals, both are bullish on the stock.

The CVX Share Technical Analysis

In the above chart of Chevron Corporation, the stock has been consistently following an uptrend as it has broken out above the triangle pattern. The share follows a higher high swing structure. It can lead to prices to higher levels.

The CVX share price is currently trading above the 50-day and the 200-day EMAs. The share has recently been given a golden cross which represents strength in the stock price. The RSI of the CVX share on the daily timeframe is also acting bullish as it has been consistently sustaining above the 50-level. It has hit the overbought zones.

Conclusion

Chevron Corp.’s share has broken out above the descending triangle pattern. It is currently following an uptrend making a higher high swing structure. The current behavior of the share can lead the price to higher levels in the future.

Technical Levels

Support levels for the CVX share are – $140.00 and $150.00
Resistance levels for the CVX share are – $172.00 and $188.00

Disclaimer

The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.