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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Stocks to Trade for Gains: Must-See Charts

Chevron

Up first is oil and gas supermajor Chevron (CVX). By and large, Chevron has traded in lock-step with the broad market in 2013, moving right alongside the S&P with a small bit of tracking error.

That may seem surprising -- after all, other hard commodity producers have seen their share prices get shellacked as the market value of their wares dropped. But not Chevron. Crude oil prices have more or less kept pace with the stock market this year, and that makes CVX a good proxy for the broad market.

>>2 Basic Material Stocks Under $10 to Watch

You don't have to be an expert technical analyst to figure out what's going on in Chevron -- a quick glimpse at its chart will do. Chevron has been in an uptrending channel since all the way back in November, bouncing higher every time it touched support at S1. Now, that uptrend broke back in June, along with the broad market, but CVX put in a new swing low a month ago that gives us a new trendline support level at S2 -- a break below that level is a major sell signal for Chevron.

With CVX in an uptrend right now, it makes sense to be a buyer near support. Traders on the hunt for a more strategic entry can consider scaling in at S1, but more risk-averse investors should wait to see if Chevron can bounce off of S2.

I'd expect Chevron to continue to act as a low-beta proxy for stocks for the rest of 2013.

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