setup for CVX

Setup for Trading CVX [Chevron] – Nov. 16, 2022

Oil and gas stocks have some pretty strong macro tailwinds that could push them even higher than they’ve gone up to now. Those include winter, the continuing conflict between Russia and Ukraine, the massive fuel shortages in Western Europe and the eventual reopening of China, which would cause a large increase in energy demand.

[Update – 11/17/22 – yesterday energy stocks dropped, despite the drop in oil inventories in US. Part of that was due to general market weakness. Then there was some relief that the missile that hit a Polish village was not fired by Russia. There are also increased fears of new China lockdowns, which would reduce demand. While that doesn’t change the general macro picture, the stocks are pulling back. WTC crude futures are getting close to fib support at 83, so that could also provide support for the oil equities. Also, the Saudis have made it clear that they are prepared to cut back on supply to keep oil prices high.]

Now let’s see what the charts are saying:

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