Chevron Corporation (CVX) finds support above $70 due to weakening $ leading to strength in commodities

Stock of the Day – Chevron Corp (CVX)
Close – $70.33
Strategy – Long
MACD – 0.46
RSI – 62.34

The weak trend in the Dollar is supporting gains in the commodities sector and rebound in crude oil. Looking at the horizontal support line, the stock has been trading in a tight range near the $70 level. One can go long on the stock citing the strength in the commodities market and also based on the technicals. The stock is finding support near its 200 Day Moving Average at $70 levels.