Chevron Corporation (NYSE:CVX) has soared, nearing major resistance at a key level from 2008. The stock has been ripping higher as commodity prices have jumped. Oil is hovering near recent highs and with the constant printing of money by the Federal Reserve, it will most likely continue to move higher. That is the constant perception on Wall Street and the main reason why Chevron is at 52 week highs. While it has powered higher dramatically of late, it is hitting a key level from 2008 that should work to stall its massive rise. A pull back is likely at the $89.00 – $89.50 level. Note the chart below.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
