Today I’m tracking an oil company for a potential dip buy.

That company is Chevron (CVX).

Its shares have already dropped $20 to $144 so far in August.

The dip came after new arbitration claims from Exxon Mobil and CNOOC Ltd challenged Chevron’s Hess Corporation merger deal. The challenge added uncertainty and caused CVX’s stock to drop.

But if history is any indicator, I believe Chevron now has a good chance to bounce back.

As you’ll see in the chart below, $140 has acted as the strongest support level for Chevron for over a year.

Notice how Chevron dropped in November 2023 from $164 all the way down to $140. Then in December it went on a bull run through April 2024.

I believe we could be at that bull run stage again.

As of August 14, CVX is close to that $140 support level – so this should be where buyers consider it a bargain.

Action Plan: With Chevron (CVX) near key support levels, it stands atop my watchlist for a dip buy in The War Room.

And if you like these watchlist picks, I’m currently looking at four other companies for potential overnight trades this week In The War Room.

One of those companies is Applied Materials (AMAT), which is due to report earnings today after the close.

Don’t miss my next overnight trade. Click here to unlock The War Room.

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P.S. *Special Bonus Announcement! Your Invited to the Inaugural MTA Meet-Up!

“Meet, Collaborate, Trade”

One final thing….

You’re the first to get invited to the inaugural Monument Trader’s Alliance Meet-Up!

Come meet myself, Karim, your fellow Monument Trader’s Alliance Members – For Free!

Meet-Ups are your chance to meet, collaborate, and engage with Monument Trader’s Alliance – live and in person! Come meet your editors, gurus, and your fellow members. Best of all, your first drink is on us! Just tell us you’re coming – and you’re in!

Register Below & You’re Confirmed!

https://www.eventbrite.com/e/monument-traders-alliance-meet-up-tickets-944583393357

*IMPORTANT NOTE: This is for members of MTA services only: Trade of the Day, Catalyst Cashouts, War Room, Daily Profits Live, Profit Surge Trader, Daily Profits Scanner and ProfitSight. We are sorry, but no guests are allowed – as we pilot this series of events and wish to maximize interaction with our members.

Details

When: Thursday, September 26th from 6:00 PM to 9:00 PM CST

Where: Rivers Casino, 3000 S. River Road Des Plaines, IL 6001

VIP Concierge will be attending to help answer membership questions and ensure that you’re in the right trading service to fit your performance goals. If you have any questions prior to the event, email us directly at: dharris@theagora.com

Yes! RSVP For the Upcoming Monument Trader’s Alliance Meet Up!

https://www.eventbrite.com/e/monument-traders-alliance-meet-up-tickets-944583393357

*NOTE: This is an In-Person event only. There will not be a livestream or zoom option. Please only sign up if you’re in the Chicagoland area – and you can attend in person.

Second, this meet-up is a social gathering – designed to allow you to meet your fellow traders, gurus, and tacticians in person. So, please come with as many questions, suggestions, and tips as you can – because we’re all here to collaborate together – with the end goal of maximizing your profitability with our elite trading services!

In that spirit, we will have multiple VIP Concierges on hand to ensure that you’re in the right service level for you. Please do not hesitate to ask them to help ensure that you’re in the right level of service to meet your profit goals.

And finally, plan to show up and have a great time! We’ve got some surprises in store for you – including various raffles and prize giveaways – so get ready for a fun and engaging event!

**If we’re lucky, we can even convince Bryan and Karim to hit the casino floor to gamble – and you can see firsthand how traders implement a hedging strategy on the craps table!

All told, get ready to have a blast. We’ll see you in September!