Oil prices are rising sharply as demand recovers from the economic downturn caused by the coronavirus. Chevron stock is up about 25 percent in 2021 as the company undoubtedly benefits from a global economic recovery and a rebound in tourism. The company recently reported a net income of $3.1 billion and free cash flow of more than $5 billion in the second quarter, nearly completely because of a recovery in demand for the fuel that moves people and goods around the world and generates the electricity on which the modern world depends.
Our Analysis:
While the price is above 98.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 101.95
- Take Profit 1: 108.00
- Take Profit 2: 110.70
Alternative scenario:
If the level 98.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 98.00
- Take Profit 1: 93.60
- Take Profit 2: 90.80
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