Chart of Day: Chevron (CVX) – 3/16

Oil stocks, like Chevron (CVX) are gushing higher.

After finding support around $149, CVX is back up to $155. From here, if it can break above prior resistance, it could potentially refill its bearish gap around $165.

According to the International Energy Agency (IEA), we’ll see a slight supply deficit this year, instead of a surplus. All with the IEA assuming that OPEC+ will keep its production cuts in place throughout the year.

Chevron (CVX) Chart of the Day March 16th 2024

In addition, Morgan Stanley just said investors could get caught off guard by an oil price rally this summer. Those comments came after Ukrainian attacks on Russian refineries, and hopes the Federal Reserve will start cutting rates sometime soon.

Also, as we get closer to summer vacations and driving trips, oil could gush even more.

Yesterday we covered SoundHound AI (SOUN) – read about it here.

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