Connect with us

Hi, what are you looking for?


Is Chevron stock a buy on the dip?

Chevron Corporation (NYSE:CVX) has returned to investors massively this year. At a price of $143, the stock has added 20% year-to-date. The stock touched a high of $180 before retreating. There is no hard math to explain Chevron’s strong gains in the year. 

Chevron is a highly cyclical stock. Macro events can dramatically affect the fortune in such stocks. That happened this year as oil prices skyrocketed, helping energy equities to remain investor darlings. However, oil prices are cooling in the global market, and this has dampened the sentiment around the sector.

Looking at Chevron, the company presents the ideal features of diversification. The company operates with an integrated business model incorporating oil, gas, and refinery segments. The features make Chevron a highly defensive name in good and bad times. As oil prices fall, Chevron benefits otherwise via its refinery segment. 

But then, we cannot evaluate Chevron on alternative segments and ignore the impact of falling oil prices. We already know that the stock skyrocketed following a surge in global crude prices. The stock decline is happening partly because it is now aligning with the market dynamics. 

Chevron retreats amid energy sector stocks correction

Source – TradingView

The technical indicators are less convincing if eyeing to snap Chevron stock. The stock broke below the 20-day and 50-day moving averages. The MACD indicator is also almost entering the bearish zone amid waning momentum.

Is Chevron a good stock?

If you are looking to buy Chevron stock, it is a sound stock. However, you should be aware it may continue to fall as oil prices slide. Minor support exists at $138, but there is no indication that a bullish reversal is about to happen. If the level does not hold, the stock could proceed to $114. To a defensive investor, Chevron is a good stock, but it is not the right time to buy.

The post Is Chevron stock a buy on the dip? appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...


    U.S. District Court Judge Reed O’Connor recently ruled to uphold the rights of employers granted in the Religious Freedom Restoration Act, rather than uphold...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023