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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.
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Copyright, Comtex News Network, Inc. 2012
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