Wall Street Traders Column 9/12/05 - Buy CVX
September 12th, 2005 / 7:46 pm / by Harry Aloof
Buy Alert - CHEVRON CORP (CVX-NYSE) - Technical Viewpoint: From a low of $56.12 on Jul 15, 2005 prices rallied, reaching a high of $63.13 on Aug 11, 2005. A decline saw prices pull back, reaching a low of $58.70 on Aug 18, 2005. Another rally saw prices penetrate resistance line “A”, closing 9/9/05 at $63.81. Technicals: MACD Index (MACD): A Buy Alert! was given on Sep 2, 2005 when the solid line crossed the dotted line to the upside. Support: Remains at $60.00. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on Aug 31, 2005. A P&F downside reversal takes place at $60.00. Summary: Technical indicators have turned bullish. BUY! CHEVRON CORP (CVX-NYSE) @ $63.88 Stop: Use a protective stop of $61.38. CHEVRON CORP is currently trading @ $63.81 plus $1.75 on Sep 9, 2005. Price Objective: $77.50. Risk/Reward: $2.50 VS. $13.62. Today’s Risk Reward Ratio: 5:1
