Chevron (CVX.US) stock fell nearly 3% after one of the major oil companies posted mixed quarterly figures. Chevron earned 90 cents per share which came slightly above analysts’ expectations of 89 cents per share. Total revenue rose 1.7% to $32.03 billion, below the consensus of $32.54 billion. Oil giant profits dropped 29% compared to last year, as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of the winter storm which cut output in some southern states.
Chevron (CVX.US) stock launched today's session lower and is currently approaching major support at $103.20 which coincides with 50 SMA (green line). Should break lower occur, downward move may be extended to the next support at $100.19 which is strengthened by lower limit of the wedge formation. However if buyers will manage to halt declines here, then another upward impulse towards resistance at $107.76 may be launched. Source: xStation5