Chevron (CVX) Breaks Through Support at $105.91

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Dec 31, 2012 (SmarTrend(R) News Watch via COMTEX) -- Chevron (NYSE:CVX) has opened bearishly below the pivot of $106.84 today and has reached the first level of support at $105.91. Investors may be interested in a cross of the next downside pivot targets of $105.36 and $103.88.

In the past 52 weeks, Chevron share prices have been bracketed by a low of $95.73 and a high of $118.53 and are now at $105.98, 11% above that low price. The 200-day and 50-day moving averages have moved 0.04% lower and 0.34% lower over the past week, respectively.

Chevron (NYSE:CVX) has potential upside of 18.0% based on a current price of $105.98 and analysts' consensus price target of $125.05. Chevron shares should first meet resistance at the 200-day moving average (MA) of $107.57 and find additional resistance at the 50-day MA of $107.75.

SmarTrend is tracking the current trend status for Chevron and will alert subscribers who have CVX in their portfolio or watchlist when shares have changed trend direction.

Write to Chip Brian at cbrian@mysmartrend.com

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Copyright, Comtex News Network, Inc. 2012

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