Chevron (CVX) Crosses Pivot Point Support at $105.91

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

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

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 has overhead space with shares priced $105.98, or 15.2% below the average consensus analyst price target of $125.05. The stock should run into initial resistance at its 200-day moving average (MA) of $107.57 and subsequent resistance at its 50-day MA of $107.75.

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