September 24, 2010
– Comments (2) |
RELATED TICKERS: CVX
Got in Chevron (CVX) at $80.02, using the consolidation just above the inverse head and shoulders breakout for my entry.
Here is my chart analysis on the trade
You bought near the high for the day after a +2% move? CVX has pretty much been stuck for the last 2 weeks. Despite today's move, the short-term trend looks bearish for Chevron...unless the dollar continues to climb. I think you'll have an opportunity to add to your position closer to $75...
...unless the dollar continues to "fall"... Sorry...I was looking at an inverse chart.