New York, July 30th (TradersHuddle.com) - Shares of Chevron Corp. (NYSE:CVX) closed the trading session at $76.02 near its 50 day and 200 day moving averages currently set at $72.60 and $75.78 respectively. Chevron's price action is above these important levels, which could translate into a trading opportunity.

Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services. Chevron, the second largest U.S. energy producer and formerly known as ChevronTexaco, was founded in 1879 and its based in San Ramon, CA.

Although the price action is above important moving averages, it's important to highlight that the 50 day moving average is currently below the 200 day moving average resulting in not a prime setup where buying the dip will present a good trading opportunity.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $66.83 and calculated resistance at $73.58. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

If traders want to establish a position on Chevron, should evaluate their trade, as it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs see where the current price action of stock is and establish a short trade versus those levels.