Chevron Corporation (NYSE:CVX) hit a new 52 week high today and in the process hit a major double top. It then reversed as the market has sold off intra day. Not only is there a sweet double top on the chart but also a possible topping tail. CVX may see a short term top for a few days here. This is a solid resistance point for sure. Note the chart below.
United States Steel Corporation (NYSE:X) is also at major resistance on the daily chart and likely will continue to pull back in the short term. The stock jumped higher at the open. It continued to rally higher early, only to reverse and come back in to the flat line. Not only is the daily chart extremely extended but the topping setup on the daily confirms a likely short term top. Note the chart below.
Chief Market Strategist
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