With oil prices gushing to nearly $80 a barrel over the week, keep an eye on Chevron (CVX).
For one, the CVX stock is oversold at support dating back to December. It’s also oversold on RSI, MACD, and Williams’ %R. From a current price of about $172, we’d like to see CVX challenge $185 again. Two, oil and CVX could gush even higher after Russia announced plans to cut its daily production by 500,000 barrels a day starting in March.
“Friday’s move was the first in which Moscow has telegraphed a specific oil-markets response to the Western measures, raising the specter that it was now brandishing oil as a weapon in the economic war playing out between Russia and the West,” said The Wall Street Journal.