<div id="readability-page-1"><p><em>Subscribers to Schaeffer's Weekend Trader options recommendation service received this CVX commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why <strong>Weekend Trader</strong> is one of our most popular options trading services.</em></p><div> <p><strong>Chevron Corp (NYSE:CVX)</strong> stock has pulled back to highs from 2022/2023, an area that coincides with its year-to-date anchored volume weighted average price (AVWAP). There’s also potential for an undercut of the 50-day moving average into support that could trap bearish bettors.</p><p>   The shares are trading into the 185 strike, which could act as put support as well. Digging deeper, resistance at the 200-strike call reduces next week, eliminating an overhead resistance level.</p></div><div><p> With a Schaeffer’s Volatility Index (SVI) sitting in the 24th percentile of its annual range, premium is appropriately priced at the moment.</p><p>Our recommended June call has a leverage ratio of 10.2 and will double on a 9.7% lift in the underlying shares.</p></div></div>

<p>Schaeffer's Weekend Trader recommends buying Chevron (CVX) stock as it has pulled back to key support levels, including the 50-day moving average and the 185 strike, which may provide put support. The stock's volatility is low, with the Schaeffer’s Volatility Index at the 24th percentile. A June call option is suggested, offering a leverage ratio of 10.2, potentially doubling with a 9.7% increase in share price. This commentary highlights the favorable conditions for options trading on CVX.</p>

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Why Bulls Should Buy the Dip on Chevron Stock