TopOptionAlert
Oct 20, 3:24 AM
$CVX NOV20 230C · still actionable
Zone:
$222.80 to
$225.94
Invalidation: close under
$217.78
Objectives:
$238, then
$252
The math: up 6.1% to the first objective and 12.3% to the second, against 2.9% risk on the invalidation, better than 4 to 1 to the second
Dear friend, think of Chevron like a big tanker that has finally cleared the harbor and keeps holding the deep water, and that picture fits this swing setup. The stock closed at
$224.37 after touching
$225.67 today, right near its high for the year, and what that means is buyers are still paying up even with earnings coming on October 30. Hold above
$217.78 and the path toward
$238 and then
$252 stays open, because that floor is where the recent climb would lose its footing.
P.S. The high today was
$225.67, a touch above the old
$225.31 mark, so a close above that line matters more than any intraday push.
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