Is Chevron a Buy at Current Prices?
T = Trends for a Stock’s Movement
Chevron engages in petroleum, chemicals, mining, power generation, and energy operations worldwide. The company operates in two segments: upstream and downstream. The upstream segment is involved in the exploration, development, and production of crude oil and natural gas, while the downstream segment engages in refining crude oil into petroleum products. Through its segments, Chevron is able to provide a range of energy products and services to a wide variety of companies around the world. As economies and businesses expand, Chevron is poised to provide the energy products and services required to fuel growth around the world.
Chevron has obtained a tender to explore for shale gas in western Lithuania, according to the government via its Twitter feed on Tuesday. The Baltic country is attempting to free itself from dependence on gas from Russia. Chevron was the sole bidder to explore for unconventional hydrocarbons in the 1,800-square-kilometer Silute-Taurage prospect, which Lithuanian experts calculate might hold as much as 80 billion cubic meters of technically recoverable shale gas.
T = Technicals on the Stock Chart Are Mixed
Chevron stock has been trending higher over the last several quarters. The stock is currently bouncing off an upward sloping trendline, so it may continue higher. Analyzing the price trend and its strength can be done using key simple moving averages. What are the key moving averages? The 50-day (pink), 100-day (blue), and 200-day (yellow) simple moving averages. As seen in the daily price chart below, Chevron is trading between its rising key averages which signal neutral price action in the near-term.