Surprisingly, one of the names that's correlating the highest with the S&P 500 right now is oil and gas supermajor Chevron ( CVX). Just like the S&P, Chevron is trading in a very well-defined trend channel. The key difference is that the Chevron trade is further along; this stock is bouncing off of trendline support this week. That means it's time to be a buyer.

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Commodities and materials stocks are seeing some buoyancy this week, but Chevron's price action is different -- it's been more sustained over the course of 2013. This stock's proximity to trendline support right now makes it the best-in-breed oil name in my view. As geopolitical risks propel oil prices, the real story at CVX is the fact that support is just a few points away. That makes Chevron a great setup from a risk management perspective.

Speaking of risk management, if you decide to jump into shares here, I'd recommend keeping a protective stop just above the 200-day moving average.

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