Chevron Share Price: Bearish Engulfing Candle Points Towards $100

Chevron’s revenues and profits rose in the second quarter, buoyed by recovering crude oil prices and merger synergies. However, after growing briefly in premarket trading, investors sold the stock rapidly, driving down the Chevron share price by 1.13%. 

Adjusted earnings of $1.71 per share in Q2 2021 was a tremendous improvement over the loss per share of $1.56 sustained at the height of the pandemic’s rampage on the oil industry. Analysts had predicted an EPS of $1.60. Revenue grew from $13.49 billion a year earlier t $37.6 billion. 

A dip in crude oil prices following a surge of the delta coronavirus variant in India (a net importer) soured sentiment on crude oil.

Technical Levels to Watch

Chevron share price action shows a bearish engulfing candle in evolution, right on the 103.59 resistance level on the daily chart. 

This pattern points to further selling that could break the 100.19 support, opening the door towards 95.53. Additional support targets are found at 91.65 and 88.92.

On the other hand, a break above 103.59 negates the candlestick pattern and swings the door open for a potential push towards 107.86. 110.74 (17 May and 17 June highs) and 112.69 remain the upside barriers to beat if new 2021 highs are to be established.

Chevron Share Price: Daily Chart