TopOptionAlert
Oct 19, 7:11 PM
$CVX NOV20 230C · still actionable
Zone:
$223.43 to
$226.57
Invalidation: close under
$217.78
Objectives:
$238, then
$252
The math: up 5.8% to the first objective and 12.0% to the second, against 3.2% risk on the invalidation, better than 3 to 1 to the second
Dear friend, think of this swing setup like a big ship now sitting at the edge of open sea. Chevron closed Friday at
$224.99 and traded to
$225.67 today near its yearly high after gaining about 6 percent in five sessions, and what that means is simple. Buyers are pushing into new ground, the floor sits near
$217.78, and earnings on October 30 give the move a clear date. Hold that floor and the road toward
$238 and then
$252 stays open.
P.S. Price sits about 8 percent above its 50 day average near
$207.58. That gap is why the floor matters if the move pauses.
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