Chevron Corporation’s stock price (CVX) skidded in the intraday levels while trying to gather momentum to rise anew, as it also vented off overbought saturation in the RSI, with negative signals out of them, amid the dominance of the upward correctional trend in the short term, with positive support from the 50-day SMA as the stock trades above it.

Therefore we expect the stock to return higher, targeting the resistance of $163.87 anew, provided the support of $156.63 holds on.

Expected trading range: between the support of $156.63 and the resistance of $163.87. 

Trend forecast: Likely Bullish