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Oil Stock Chevron Hits Major Gap Fill: Short Trade

Shares of oil stock Chevron Corp (CVX) are reaching max upside and will trigger a short trade at $95.00. The technical reason here is simple; gap fill.  Chevron bottomed out at $51.60 in March 2020 and has since climbed up a total of 84%, almost in a straight line. This creates a major disparity with the price of crude oil. WTI crude oil remains near its lows, well below $20/bbl. When Oil stock Chevron last traded at $95, oil was at $50/bbl. This tells technical swing traders there is a major mismatch in price versus the underlying commodity. It also screams of a major opportunity.

As a technical trader with over 20 years of swing trading and day trading, I am looking to short oil stock Chevron at $95 for a pull back to $75. This gives an over 20% profit target.

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