The Q3 Earning Season – Chevron
Chevron Corp. is an energy company that engages in gas, oil and geothermal mining in almost 180 countries, including the United States, the Gulf of Mexico, Kazakhstan, Angola, Nigeria and Australia. Originally called the Standard Oil Company. SoCal merged with Gulf Oil and changed its name to Chevron Corp. in 1984. Chevron bought Texaco in 2000, Unocal in 2005, and Atlas Energy in 2011. Chevron is one of the world's largest oil companies, producing a wide variety of products including petrochemicals, lubricants, and fuels, hydrogen fuel cells, biofuels, wind, solar, and geothermal energy. As an energy company, Chevron's revenue is affected by oil production, however, oil demand has declined somewhat as the popularity of liquefied natural gas (LNG) and other alternative forms of energy increases.
Chevron's price action on the daily time frame have corrected after hitting the key 61.8% FR level.
Price position of 61.8% FR is around 119.50 and highs were formed while at 119.47, inability to pass this level, it is possible to lower the price back down, following the trend formed from September. But the price structure implies a gradual ascending ladder with elevated highs and lows. The RSI slightly hints at an even level above consolidation 50, and MACD is still in the buying zone. The movement conditions of the daily averages are seen to converge into one as the price action suggests consolidation.
Not much different from the D1 time frame. In the 4-hour period, price action is also consolidating moving between the 50% and 61.8% FR. However, there is little indication of divergence with price increases as opposed to the MACD histogram. Some price levels that can be used as a reference are as follows:
- Resistance 1 = 119.50
- Resistance 2 = 121.28
- Support 1 = 117.50
- Support 2 = 116.09
