Chevron (CVX) Stock is the ‘Chart of the Day’
NEW YORK (TheStreet) -- Chevron Corp. (CVX) - Get Report stock is rising by 3.34% to $98.13 in midday trading on Tuesday, after oil prices gained following a strike of Brazilian oil workers that is slowing production.
WTI crude is up by 2.54% to $47.31 per barrel, while Brent crude is increasing by 2.23% to $49.88 per barrel this afternoon, according to the CNBC.com index.
Brazil's state-run oil company Petrobras (PBR) has reduced daily output by about 25%, according to the union leading the strike, Reuters reports.
San Ramon, CA-based Chevron is a producer and transporter of crude oil and natural gas with oil refining operations.
TheStreet's Chris Versace and Bob Lang have identified Chevron as the "Chart of the Day." Here's what they have to say about the company:
Oil stocks have staged a nice resurgence and the biggest names have shown resiliency. Chevron is showing great power and relative strength, and Monday's move on strong volume tells us that institutions are accumulating this name.
The gap from July was filled, and a new Moving Average Convergence Divergence buy signal was made on the crossover. The stock is now above all moving averages and the slope of the relative strength is impressive. This could get to $100 before stalling out.
-Chris Versace and Bob Lang's "Chart of the Day: CVX" was originally published on Trifecta Stocks.
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