Chevron Corporation
On Thursday, UBS maintained its Buy rating on Chevron and raised its price forecast to $235.
Crude oil surpassed $92.60 a barrel on Thursday, hitting its highest level in nearly a month as shipping recovery signs in the Strait of Hormuz faltered.
Reports indicated a tanker was struck north of Qatar on Wednesday, while maritime security sources noted tanker attacks in the Strait reached a war-high last week.
According to Trading Economics, the White House asked the Pentagon for pre-midterm Iran strike options, while U.S. President Donald Trump stated he no longer sought an Iran deal.
Gulf Production Update
Chevron said Wednesday it is monitoring Tropical Storm Isaias. Non-essential personnel are being evacuated from Gulf platforms, though production at Chevron-operated assets remains normal.
Midstream Restructuring
Separately, on Tuesday, Chevron agreed to transfer its Hess Midstream LP
Technical Analysis
Chevron remains in a clear longer-term uptrend, trading 12.5% above its 200-day SMA and 9.2% above its 100-day SMA, which signals buyers have controlled the intermediate trend for months. The 20-day SMA is also above the 50-day SMA, and the 50-day SMA is above the 200-day SMA-two bullish crossover conditions that typically support "buy-the-dip" behavior.
From a levels standpoint, the stock is approaching an area where rallies can stall near prior highs, while the first meaningful "line in the sand" sits closer to the recent pullback zone.
- Key Resistance: $218 - a nearby round-number area that lines up with the 52-week high zone where breakouts can fail on the first try
- Key Support: $201 - a nearby pivot area that also sits close to the 50-day/20-day moving-average cluster, where dip-buyers may defend the trend.
