Chevron Price Stalls Amid Profit-Taking, Dow Inc. and D.R. Horton Extend Losses
Chevron Corporation's price stalled in recent intraday trading as it took profits from its previous gains and attempted to rebuild momentum. The stock is still following a minor short-term ascending trendline, which supports prospects for recovery. However, momentum indicators have begun forming a bearish crossover after reaching extremely overbought territory, potentially hindering the stock's recovery.
Our outlook remains bullish for Chevron's upcoming trading sessions if it breaks above the key resistance level at $214.70. Under this scenario, the stock is expected to target the next resistance level at $225.00. The primary medium-term uptrend remains in control, but negative pressure persists as momentum indicators form bearish crossovers.
The Dow Inc. and D.R. Horton also experienced losses in recent trading sessions, with price action following descending trendlines that reinforce prevailing bearish biases. Momentum indicators have begun forming another bearish crossover for these stocks, adding further downside pressure.