Good afternoon folks! We are going to focus on another default strategy today, this time looking at a new breakout signal. Let’s get to it!
CVX was upgraded today by UBS while also having its price target increased. All of that is great news, but we see even more support for a breakout in the technical data. First of all, it is way above all of the major moving averages, putting it in a bullish mode. Secondly, it rolled through resistance at $111 with ease as volume surged. Its relative momentum is on the rise and things look good technically for CVX.
One thing to think about though is potential shut downs of rigs due to Hurricane Irma, which is barreling towards Florida as I type. That could cause some issues similar to what we saw with Hurrican Harvey, but otherwise, we could see CVX back in the $115 zone if all goes well.
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