Chevron Slams Into The Daily 200 Moving Average (NYSE:CVX)

By Gareth Soloway on July 29th, 2010 12:51pm Eastern Time

Chevron Corporation (NYSE:CVX) has had a meteoric rise in the last month, jumping from $67.00 to the high today of $76.37.  While it has been a great run, the stock has also run into major resistance at the 200 moving average on the daily chart. This may be a pull back level.  While most likely a great short term shorting opportunity, caution must be used as earnings will be reported tomorrow morning before the market opens.  Chevron is expected to report earnings of $2.43 to $2.50 per share.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com