Chevron Corp is on risk to fall further on macro and micro basis.
On long term basis, despite price is trading within 1st standard deviation from 10-year mean, it fell below lower 1st standard deviation from 5-year mean, risking more downside.
On short term basis price is in fully fledged downtrend, trading below 1st standard deviations from 1-year and quarterly mean.
Downside risk will remain until price gets back above 93, which turns out to be a key level - 4 pivot levels converged there now (see chart) and breaking above it will cancel all current downtrends.
On long term basis, despite price is trading within 1st standard deviation from 10-year mean, it fell below lower 1st standard deviation from 5-year mean, risking more downside.
On short term basis price is in fully fledged downtrend, trading below 1st standard deviations from 1-year and quarterly mean.
Downside risk will remain until price gets back above 93, which turns out to be a key level - 4 pivot levels converged there now (see chart) and breaking above it will cancel all current downtrends.