The shares of oil and gas stock Chevron Corp (NYSE:CVX) are pulling back from their recent five-month peak, now on track for a fourth-straight daily loss. In fact, most of the energy sector is sliding today, as concerns regarding tensions in the Middle East ease and crude prices slip.
For those curious about buying the dip, however, this recent pullback has CVX within one standard deviation of its 50-day moving average, a trendline with historically bullish implications. Per Schaeffer's Senior Quantitative Analyst Rocky White, the security has seen six similar signals over the past three years, after which it was higher one month later 83% of the time, averaging a 5% gain.
Puts outweigh calls in the options pits today -- running at double the intraday average amount. An unwinding of this pessimism could give CVX a boost. The most popular contract by far is the June 115 put, followed by the April 155 put expiring this week.
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