Chevron Stock Falls Amid Global Oil Price Decline

Chevron shares fell on Monday as global crude oil prices declined for the fourth consecutive session. The decline in oil prices comes amid diplomatic efforts to end the U.S.-Iran conflict and signs that oil shipments are beginning to move through the Strait of Hormuz.

The Nasdaq has gained 2.40% while the S&P 500 has risen by 1.37%. Brent crude traded near $95.45 a barrel, while U.S. crude futures hovered around $91.53.

From a technical analysis perspective, Chevron's stock is still in an uptrend, trading 11.1% above its 200-day SMA ($184.17) and 7.1% above its 100-day SMA ($191.04). The stock is also holding above its 50-day SMA ($199.33), which keeps the intermediate trend constructive despite today's pullback.

However, near-term, the tape is choppier because price is now trading 1.9% below its 20-day SMA ($208.57). RSI sits at 48.18, signaling neutral momentum, neither stretched to the upside nor washed out.