Chevron Corporation operates as an integrated energy company worldwide. The company's Petroleum operations include the exploration, development, production, and marketing of crude oil and natural gas.
CVX is at a great technical crossroads right now. It dipped below 95 on the intrday before closing above it. 95 is a key trading level since it represents recent support as well as major resistance for Chevron back in '07. For those that need the quickie technicals lesson, previous resistance provides new support. In addition it touched a trendline set in from the beginning of '08. Oil is cooling off and we have seen some pull backs this week, which should give this the necessary momentum to push it through the support and the trendline to fall off the cliff below 95. August 95 Puts should be the move.
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