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Chevron shares close higher on Tuesday, CEO John Watson to retire by September, source says

According to a source with knowledge of the matter, John Watson is to step down as Chevron Corporations (CVX) Chief Executive by September and will probably be succeeded by Mike Wirth, the companys Vice Chairman.

Chevron shares closed higher for the second time in the past nine trading sessions on Tuesday. The stock went up 0.55% ($0.58) to $106.36, after touching an intraday high at $106.89, or a price level not seen since August 18th ($107.34). In the week ended on August 20th the shares of the energy giant lost 2.52% of their market value compared to a week ago, which marked a second consecutive period of decrease and also the worst performance since the week ended on June 25th. The stock has pared its loss to 2.59% so far during the current month, following a 4.66% surge in July. The latter has been a second consecutive monthly gain and also the largest one since December 2016. For the entire past year, Chevron shares gained 30.84%. The stock has retreated 9.63% so far during 2017.

An economist by training, John Watson, 60, assumed the CEO post in 2010, after serving as Chevrons Chief Financial Officer previously. During his term, the energy company has been concentrating additional resources on shale oil projects promising faster returns.

Aged 56, Mike Wirth has been serving as Vice Chairman since February, while also being in charge of Chevrons pipeline division. Wirth previously headed the companys refining unit, which has seen rapid growth in recent years, supported by Chevrons investment efforts in expansion and renovation.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Chevron’s stock price, have a median target of $118.00, with a high estimate of $145.00 and a low estimate of $100.00. The median estimate is a 10.94% surge compared to the closing price of $106.36 on August 22nd.

The same media also reported that 15 out of 26 surveyed investment analysts had rated Chevron Corporation’ stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Chevron stock are presented as follows:

R1 – $106.46
R2 – $106.55
R3 (Range Resistance – Sell) – $106.65
R4 (Long Breakout) – $106.94
R5 (Breakout Target 1) – $107.28
R6 (Breakout Target 2) – $107.43

S1 – $106.26
S2 – $106.17
S3 (Range Support – Buy) – $106.07
S4 (Short Breakout) – $105.78
S5 (Breakout Target 1) – $105.44
S6 (Breakout Target 2) – $105.29

By using the traditional method of calculation, the weekly levels of importance for Chevron Corporation (CVX) are presented as follows:

Central Pivot Point – $107.27
R1 – $109.03
R2 – $111.59
R3 – $113.35
R4 – $115.12

S1 – $104.71
S2 – $102.95
S3 – $100.39
S4 – $97.84

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