Chevron (CVX) weekly uptrend opportunity based On 1.00 Lot Calculation:
- Chevron Corporation provides administrative, financial, management and technology support to U.S. and foreign subsidiaries that engage in integrated petroleum operations, chemicals operations, mining operations, power generation and energy services.
- EVENT: Chevron Corporation 3rd Quarter earnings will be released on October 29th, before the market opens. It is forecast to earn $2.11 per share up 1818.18% from the prior-year quarter and revenue over $41.3 billion in the quarter up 69.26% from the year-ago period. The company’s earnings have exceeded analysts’ estimates 4 of the last 8 quarters.
- Worldwide energy shortages are threatening to develop into a full-blown crisis with implications that stretch from Europe to China and the U.S. oil patch. Natural-gas prices in Europe and around the world have risen amid shortages. Shortages of coal and natural gas, similar to those that have hit Europe, are partly behind shortages of electric power in China. The global mismatch of demand relative to supply is larger than the expected, with the recovery in demand turning out to be faster than anticipated. Global gas shortage and winter oil demand could firmly support revenues of the company.
- Goldman Sachs recently raised its year-end Brent crude price forecast to $90 from $80, increasing its call on WTI to $87. JPMorgan says that rising natural gas prices could push Crude oil to $82 a barrel. Bank of America says that Crude oil could jump to around $100 a barrel due to global energy crunch.
- STOCK PRICE ACTION: The shares are currently trading around $108. Since the beginning of the year Chevron share price increased 19%. The record high reached in 2014 is $130.55. So the current upside potential is more than 20% to reach that level. The pre-pandemic maximum level was reached on April 19, 2019 ($124.44).
Chevron Corporation, October 12, 2021
Current Price: 107.00
|
Chevron Corporation |
Weekly |
|
Trend direction |
|
|
114.00 |
|
|
113.00 |
|
|
110.00 |
|
|
104.20 |
|
|
101.20 |
|
|
98.30 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
Chevron Corporation |
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|
Pivot Points |
||||||
|
Profit or loss in $ |
7,000 |
6,000 |
3,000 |
-2,800 |
-5,800 |
-8,700 |
|
Profit or loss in €** |
6,052 |
5,187 |
2,594 |
-2,421 |
-5,014 |
-7,521 |
|
Profit or loss in £** |
5,146 |
4,411 |
2,205 |
-2,058 |
-4,264 |
-6,396 |
|
Profit or loss in C$** |
8,734 |
7,486 |
3,743 |
-3,494 |
-7,237 |
-10,855 |
* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 8:00 a.m. (GMT) 12/10/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details