Dow Jones Stocks to Buy: Chevron (CXV)
Chevron Corporation (NYSE:CVX) shares are coiling up, inching above their 50-day and 200-day moving averages, and look ready for an upside breakout out of a long six-month downtrend.
The decline from the December high nearly reversed the post-election surge the company enjoyed, giving value hunters an attractive entry point for a possible retest of the $116 level — which would be worth a 9%-plus gain from current levels.
Chevron’s long-term prospects look great, with analysts expecting 76% growth versus a 39% contraction in its previous five years. Shares are moving as anticipation builds for an upcoming meeting of OPEC oil producers and a possible extension of last year’s supply freeze agreement.