The bullish DailyPlay we chose for Thursday May 10nd is Chevron. CVX is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 8.78% move higher and its 1m/6m trend has turned bullish on 4/10 and broke above its $75 resistance level yesterday.
Chevron’s 1m and 6m trends turned bullish on 4/9 and recently broke above its $127 resistance level which becomes support. With a technical score of 8 (out of 10), CVS is a strong bullish stock that will likely continue higher.
As a stop loss, if CVX was to trade below $127 for multiple days, this would invalidate our analysis and suggest getting out of the trade.