Chevron (CVX) NewsBite - CVX Falls on Lower Oil Futures

Posted on Wednesday, July 23, 2008 10:05 AM

Chevron (CVX) opened at $85.79. So far today the stock has hit a low of $84.62 and a high of $85.79. CVX is now trading at $84.17, down 1.46 (-1.71%). After hitting a one-year low of $76.40 in January, the stock hit a one-year high of $104.63 in May. Shares of CVX are trading lower this morning, hurt by falling oil futures. Technical indicators for CVX are bearish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating. If you’re looking for a hedged play on this stock, consider a December bear-call credit spread above the $105 range. CVX hasn’t been above $105 at all in the past year and has shown resistance around $95 recently. This trade could be risky if the cost of oil steadies and starts to rise again, but even if that happens, this position could be protected by resistance CVX might find just above $100, where it topped out in May and June. [LHF- Seven Summits Strategic Investments NewsBite]