Chasing Chevron? [Video]
Chevron’s share price has been pressured lower as oil prices were hindered by worries about a US recession and higher Russian oil output despite Western sanctions. However, there is some key support for Chevron on the weekly chart. Does this mean that Chevron could find some buyers from here? Seasonals are strong with an 80% winning trade percentage over the last 10 years and an average return of 10.55%. So, is this the time to buy into Chevron shares?
Major trade risks: The major trade risk here is that further falls in oil prices weigh on Chevron’s share prices.