Chevron shares gain the most in five days on Wednesday, company to reduce spending for a fourth straight year in 2017

The NYSE-listed oil and gas major, Chevron Corporation (CVX), revealed on Wednesday its $19.8-billion capital and exploratory investment program regarding 2017. The figure represented a 42% reduction compared to the companys expenditures in 2015.

Chevron shares closed higher during Wednesdays trading session, while marking their best daily performance since December 1st. The stock surged 1.49% ($1.67) to $114.43, rebounding after a 0.43% drop on Tuesday. The daily high of $114.48 a share has been an exact test of the high from December 5th. Shares have risen 1.27% so far during the current week and 2.60% since the start of December. In the week ended on December 4th the oil and gas giant added 1.80% to its market value to mark its seventh consecutive week of advance.

“This is the fourth consecutive year of spending reductions”, said John Watson, the companys CEO, cited by Reuters. “This combination of lower spending and growth in production revenues supports our overall objective of becoming cash balanced in 2017.”

According to Watson, next years capital budget is to focus on high-return investments and finalization of major projects under construction.

The oil and gas giants 2017 budget will probably be at least 15% lower compared to its projected capital investments in 2016. In March Chevron announced it intended to cut capital budget by 36% during the upcoming two years.

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 – $114.58
R2 – $114.73
R3 (Range Resistance – Sell) – $114.89
R4 (Long Breakout) – $115.34
R5 (Breakout Target 1) – $115.88
R6 (Breakout Target 2) – $116.11

S1 – $114.28
S2 – $114.13
S3 (Range Support – Buy) – $113.97
S4 (Short Breakout) – $113.52
S5 (Breakout Target 1) – $112.98
S6 (Breakout Target 2) – $112.75

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

Central Pivot Point – $112.10
R1 – $115.81
R2 – $118.61
R3 – $122.32
R4 – $126.02

S1 – $109.30
S2 – $105.59
S3 – $102.79
S4 – $99.98