More Upside for Chevron ?

Published on Thursday, 09 August 2012 11:34 Written by TradersHuddle Wire

New York, August 9th (TradersHuddle.com) - Shares of Chevron Corp. (NYSE:CVX) booked a new 52 week high today by trading above $112.39, traders are definitely monitoring Chevron's price action to see if this move attracts further buying into the stock.

Chevron Corporation (NYSE:CVX) is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services. Chevron, the second largest U.S. energy producer and formerly known as ChevronTexaco, was founded in 1879 and its based in San Ramon, CA.

Chevron is currently trading 0.17% versus its previous trading session close, and it has calculated support and resistance at $98.17 and $111.23 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.15% from its previous trading close, which means that Chevron stock is outperforming the overall market.