SAN RAMON, CA – Shares of Chevron Corp. (CVX) finished the trading week with a solid gain after a volatile session that saw the energy giant stage an impressive comeback from a sharp intraday drop. This strong finish, bolstered by positive after-hours trading, sets a bullish precedent for Monday’s market open.
Chevron’s stock closed the day at
0.94 (0.65%). The session was a roller coaster for investors; after opening high at $147.08, the stock sold off to a daily low of $144.54. However, buyers entered the market with force in the afternoon, erasing the losses and pushing the stock into positive territory.
The upward momentum continued after the closing bell, with the stock rising an additional
146.27 in after-hours trading. This sustained buying interest is a strong indicator of positive sentiment.
Analysis for Monday:
The technical action on Friday was very bullish. The stock’s ability to mount a strong recovery from its low demonstrates significant underlying buying strength and a rejection of lower prices. This type of “V-shaped” reversal often indicates that a bottom has been established for the short term and that momentum has shifted to the upside.
The positive after-hours trading further confirms this bullish outlook. Therefore, investors should anticipate that Chevron is likely to open higher and continue its upward trend on Monday. The powerful recovery suggests that the momentum from Friday afternoon will carry over into the new trading week.
