Chevron Corporation (NYSE:CVX) shares are trading higher on Thursday as energy stocks grind higher in a broadly risk-on tape.
At the Bernstein Strategic Decisions Conference, Chevron CEO Mike Wirth said supplying gas-fired power to data centers could emerge as a meaningful growth opportunity within the company’s portfolio.
He added that rebuilding damaged energy infrastructure in the Middle East could require tens of billions of dollars in repair costs.
He also indicated that coal consumption is likely to remain stronger than previously expected going forward.
Oil, Gas Prices
According to data collected by the American Automobile Association (AAA), the national average gas price fell to $4.491/gallon. California commanded the highest price for gas, with the average gasoline price in the state at $6.109/gallon.
Diesel’s national average cost was $5.584/gallon in the U.S., the AAA data showed, with California diesel prices hitting $7.377/gallon in the state, according to the same data.
Crude oil prices fell with the West Texas Intermediate (WTI) crude at $91.97/bbl at press time, down 2.04%. On the other hand, Brent crude was also down 1.59% to $98/barrel. The United States Oil Fund (NYSE:USO), an ETF that tracks WTI, fell 0.29% during the after-hours trading session on Friday.
Chevron Stock: Key Levels To Watch
Chevron is slightly outperforming its sector on the day, with Energy (XLE) up 0.17% while the S&P 500 (SPY) is up 0.53% and the Nasdaq (QQQ) is up 0.91%. Market breadth is supportive (8 sectors advancing, 3 declining; 2.7 advance/decline ratio), which typically reduces the pressure on defensive rotation and helps stabilize cyclicals like energy.
From a trend perspective, Chevron’s 12-month gain of 34.50% still reflects a longer-term uptrend, but the near-to-intermediate setup is in a digestion phase: the stock is trading 3.2% below its 20-day SMA and 5.1% below its 50-day SMA. It’s also just 1.1% below the 100-day SMA, while remaining 7.9% above the 200-day SMA—often a “pullback within an uptrend” look if buyers defend the longer-term baseline.
Momentum is leaning softer: MACD is below its signal line and the histogram is negative, which points to upside pressure cooling versus the prior upswing. In plain English, MACD compares faster and slower trend forces—when it sits below the signal line, rallies tend to need a fresh push to regain traction.
- Key Resistance: $194.00 — a round-number area that also sits near the 50-day SMA ($192.77), where rebounds can stall
- Key Support: $178.00 — a nearby pivot zone that sits below the current price and can act as a “line in the sand” if the pullback deepens
Zooming out, the stock’s March swing high (which also marked the 52-week high at $214.71) and the April swing low frame the current range, with price now sitting mid-band at $182.91. The longer-term backdrop still includes a bullish “golden cross” from August 2025 (50-day SMA above the 200-day SMA), but the shorter-term bearish alignment (20-day SMA below the 50-day SMA) says the market is still working through consolidation.
Chevron Analyst Consensus & Recent Actions
The stock carries a Buy rating with an average price target of $201.82. Recent analyst moves include:
- Mizuho: Outperform (Raises Target to $230.00) (May 27)
- Barclays: Equal-Weight (Raises Target to $213.00) (May 26)
- Morgan Stanley: Overweight (Raises Target to $214.00) (May 22)
CVX Price Action: Chevron shares were up 0.31% at $182.96 at the time of publication on Thursday, according to Benzinga Pro data.
Photo via Shutterstock
Recent Comments