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Chevron Trades In Tight Range

Chevron Corporation (NYSE:CVX) gapped lower today only to surge again back to the flat line.  Overall, this stock continues to be strong in an weak market. Note the trading range Chevron is stuck between.  This range is $77.40 and $77.70.  In addition, the chart below shows the target levels should a break out or break down occur. Today is a stereotypical Monday in August.  Volume is light and the markets are flat. Initially, the markets gapped sharply lower on GDP reports out of Japan and manufacturing data, however, light volume and a weak dollar have taken over and pushed the market to the flat line. Chevron is a great leading stock and should be watched for an overall market indicator.

Gareth Soloway
Chief Market Strategist