Chevron Corporation (NYSE:CVX) is getting hit sharply today as the Dollar soars on fears stemming from North and South Korea. Fighting broke out between the two overnight causing a rush to safety in U.S. Dollars. When the Dollar jumps, the markets drop. In addition, when the Dollar moves higher, commodities will drop in response as well. This hurts stocks like Chevron and Exxon Mobil Corporation (NYSE:XOM). Right now Chevron is trading at $81.42, -$2.03. The stock is hovering just above a solid double bottom support level on the chart below at $81.15. Should this level be hit, it could setup a solid reward long play for the rest of the day.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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