Tuesday, March 13, 2018

Annual Forecast for Chevron Corp. (2018)

Chevron Corp. shares (NYSE:CVX) moved northwards from October 2017, reaching a new peak in January 2018, and then plummeted within the same month.

Price has gone far below the lower Trendline as bears hold sway. The market is now very rough and choppy, but the bearish movement is expected to continue, following the current weak rally in the market (as shown by the RSI period 14).

The short-term rally would turn out to be a good opportunity to sell short as price rises in the context of a downtrend.

The outlook on Chevron is bearish for this year, and price could be seen going downwards, breaking one support level after the other.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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