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Chevron Corp, CHV
Market Call™ for September 11, 1998
Contributed by Mark Seleznov, TrendTrader.com.

Reversal Patterns -

The oil stocks and oil service stocks are showing signs of strength in this weak market.

Chevron, CHV, has climbed this week back above its 50 day moving average and recently had a MACD Buy signal. Momentum over the past few days has been moving up.

I would also like to bring to your attention to the stock reversal that CHV had on September 8. CHV opened on its low at 73 and traded up to close on its high. On the following day, September 9, CHV gapped up and has been up since then.

This is a classic reversal pattern found at cycle lows.

I would place a stop at 77.
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Mark A. Seleznov is a General Securities Principal and Managing Partner of Trend Trader, LLC, a NASD, SIPC broker/dealer firm located in Scottsdale, Arizona. A professional trader for over 25 years, Mark was a Market Maker on the Philadelphia Stock Exchange, a Retail Registered Representative, and futures trader. Mark is an author and recognized expert in equity Day Trading. He conducts seminars in Equity Day Trading and offers his firm traders training and support. Mark writes articles for market publications and Internet sites that focus on trading.

Market Calls is a daily syndicated column on trading by Mark A. Seleznov, Managing Partner of Trend Trader, LLC. For information on obtaining Market Calls for your web site, newspapers, or publication, contact Trend Trader, LLC at 602-948-1146

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