CHART OF THE WEEK - Chevron Corp (CVX)

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DISCLAIMER: This chart is based on this date. I'm not suggesting a move up or down. I'm showing a chart I'm watching. I'm not recommending this stock as a purchase. Think of it like this, your showing the world thru my eyes and how I see this chart. Period!
CHART OF THE WEEK
Chevron Corp	CVX		LAST TRADE >	$70.56
See Current Stock Price-CVX			POSTED ON	3/17/2020
See the World thru my eyes' - chart breakdown of the week
Chevron (CVX) has found itself right back where it was in Sept 2015 ... following the price of oil to under $30 a barrel ... if you thought oil companies has come a long way since that oil crash in 2015 ... you'd be wrong and in fact by just following the price of oil you could predict this move almost every single time. > So where do we go from here? Understand this > AS OIL GOES, SO DOES THE COMPANIES < and if I learned anything from that 2015 oil crash is that Wall Street could care less how diversified an oil company is or if it has new products not dependent on oil ... does not matter ... they sell if off. > With that said, is it time to put money into oil companies? ... to answer that question you have to watch the price of oil and it recovery BACK to above $50 ... where, BTW Wall Street is most comfortable because BANKS can service the debt they've taken on with oil loans, blah blah blah ... so look for oil to return to $50+ ... and my take, yes select companies will find themselves right back higher. Short term pain now, long term gain. FIND THE GREAT ONES and Chevron is always on the short list of the great ones ... but what do I know ... I lost my ASSS back then. Good luck.

RSI	SMA (100)	SMA (200)	KELT MID	OBV TREND
27.94	110.52	113.88	89.53	Lower
CLICK IMAGE TO SEE IT LARGER IN ITS OWN BROWSER WINDOW

https://finance.yahoo.com/quote/CVX?p=CVX

What's the RSI telling me?
RSI - 20/30 represents a stock that is Over Sold and we need to have caution and understand why its being Over Sold. This is where I like picking up shares for a nice 'low entry' purchase
CPT - read comments above ... because ALL chart indicators are down down DOWN ... so yes, this stock would hit ALL of my 'low-entry' purchase marks ... its really a question of ... is this a good time to buy oil stocks and with the current global virus situation and the OPEC oil washout, flooding the markets with cheap oil ... maybe NOT!
Support Lines
SMA - When looking for a 'Low Entry' purchase we would love to BUY near the 100 day or 200 day support line. It's not 100% but its a 'Buy Low' situation vs 'Buying High'
Resistance Line (What Wall Street considers its Top of the Chart near term movement)
CPT - because were not trading higher this is not testing resistance lines ... so this indicator is not a factor in my decision whether I make a purchase in AMD right now. I would click the link to see where it is trading just for reference :)				See Support-CVX
Keltner Channel Breakdown
KC - The stock is trading UNDER the KC MID line which presents more of a 'Low Entry' purchase and now is the time for me to start watching the stock. I like buying for value UNDER the MID line.
On Balance Volume or buying momentum ... is it trending Up?
OBV - The 'On Balance Volume' trend line is DOWN/SIDEWAYS which tells me that buying momentum has stalled. For me its touch and go as to whether I'm IN or OUT because this isn't a CLEAR indicator. For me, more no than yes right now.
CPT - Something to notice ... leading into the market crash ... CVX's OBV was trading/trending LOWER suggesting money was coming OUT of oil ... interesting to see this now.
Further research with - Using charts for technical analysis, Dividend information and Earnings Report Date
RSI, SUPPORT LINES		KELTNER, OBV
View Chart-CVX		View Chart-CVX
Definition of the various charting indicators I use
RSI - The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. Source - https://www.investopedia.com/terms/r/rsi.asp
SMA (100/200) - A simple moving average (SMA) is an arithmetic moving average calculated by adding recent closing prices and then dividing that by the number of time periods in the calculation average. ... Short-term averages respond quickly to changes in the price of the underlying, while long-term averages are slow to react. Source - https://www.investopedia.com/terms/s/sma.asp
KC - The Keltner Channel is a moving average band indicator whose upper and lower bands adapt to changes in volatility by using the average true range. The Keltner Channel is used to signal possible price breakouts, show trend, and give overbought and oversold readings. Source - https://www.investopedia.com/terms/k/keltnerchannel.asp
OBV - On-balance volume (OBV) is a technical trading momentum indicator that uses volume flow to predict changes in stock price. ... He believed that when volume increases sharply without a significant change in the stock's price, the price will eventually jump upward or fall downward. Source - https://www.investopedia.com/terms/o/onbalancevolume.asp
Disclaimer - Yes - at the time of this posting I do have a position in this equity. By posting this I am by no means recommending this equity and am not front running for its preformance. I have risked my own money and am accountable for the trade results.
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