Chevron Close to 200 Day Moving Average

Published on Tuesday, 17 August 2010 04:52 Written by TradersHuddle Staff

New York, August 17th (TradersHuddle.com) - Shares of Chevron Corp. (NYSE:CVX) traded at $77.71 close to its 200 day moving average currently set at $75.88. Chevron's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

Chevron Corporation 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.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $66.83 and calculated resistance at $79.19. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Chevron stock.

Traders wanting to establish a position on Chevron will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.