CVX - Long Term Trade Idea

Written by MrStockFox. Posted in Trade Ideas

Late last year CVX broke down from a smaller ranged channel which gave it a downside target of around 90.  Although I purchased shares at higher prices I didn't get aggressive with my purchases until CVX was below 95.  Yesterday, I initiated my last and final position in CVX.  I now have a full position with 58 shares.  There is a very good chance that we bounce from here with CVX hitting the bottom of its 30 year channel.

Over the last 15 years, CVX has typically bottomed when its dividend has risen above 4.2% and as of yesterday we hit 5%.

cvx

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