See you later Chevron

23 Jun

CVX

note the following directional arrows are concepts and how I want to enter

With firms rotating out of XLE we can expect some of the sectors top holdings and laggers get downside potential. Looking more into this I found CVX to be the best candidate. CVX and other gas stocks seem to be the ones catching the momentum down. Chevron also is following the same structure as XLE which if XLE gets the drop Monday we can expect CVX to follow.

Expected Range - Upside $158.78 Downside $151.82

Key Levels - $153.37 - $153.59, $155.05 - $155.30, $155.61 - $156.94

Rating - Rotation out of XLE +5, Rising volume near pivot +1, formed a base (slowed down)/topping wicks after break of base +1, same weakness as XLE +1

8/10 Bullish, 2/10 Bearish