Chevron (Chevron (CVX)) shares are ticking higher Thursday as energy stocks grind upward in a broadly risk-on market. But the real story came from the Bernstein Strategic Decisions Conference, where CEO Mike Wirth dropped some interesting nuggets about where the company sees growth.

Wirth said supplying gas-fired power to data centers could emerge as a meaningful growth opportunity within Chevron's portfolio. That makes sense — AI and cloud computing are sucking up electricity like crazy, and natural gas is a reliable, relatively clean bridge fuel. He also added that rebuilding damaged energy infrastructure in the Middle East could require tens of billions of dollars in repair costs. And in a nod to the messy reality of global energy transitions, he indicated that coal consumption is likely to remain stronger than previously expected going forward.

Meanwhile, at the pump, prices are still painful. According to AAA data, the national average gas price fell to $4.491/gallon. California drivers are getting the worst of it, with the average there hitting $6.109/gallon. Diesel isn't much better: the national average is $5.584/gallon, and California diesel is a staggering $7.377/gallon.

Crude oil prices slipped on the day. West Texas Intermediate (WTI) crude was at $91.97/bbl at press time, down 2.04%. Brent crude fell 1.59% to $98/barrel. The United States Oil Fund (USO), an ETF that tracks WTI, dipped 0.29% in after-hours trading Friday.

Chevron Stock: Key Levels to Watch

Chevron is slightly outperforming its sector today. The Energy Select Sector SPDR Fund (XLE) is up 0.17%, while the S&P 500 (SPY) is up 0.53% and the Nasdaq (QQQ) is up 0.91%. Market breadth is supportive — eight sectors advancing, three declining, with a 2.7 advance/decline ratio — which typically reduces pressure on defensive rotation and helps stabilize cyclicals like energy.

From a trend perspective, Chevron's 12-month gain of 34.50% still reflects a longer-term uptrend, but the near-to-intermediate setup is in a digestion phase. The stock is trading 3.2% below its 20-day SMA and 5.1% below its 50-day SMA. It's also just 1.1% below the 100-day SMA, while remaining 7.9% above the 200-day SMA — often a "pullback within an uptrend" look if buyers defend the longer-term baseline.

Momentum is leaning softer: MACD is below its signal line and the histogram is negative, which points to upside pressure cooling versus the prior upswing. In plain English, MACD compares faster and slower trend forces — when it sits below the signal line, rallies tend to need a fresh push to regain traction.

• Key Resistance: $194.00 — a round-number area that also sits near the 50-day SMA ($192.77), where rebounds can stall
• Key Support: $178.00 — a nearby pivot zone that sits below the current price and can act as a "line in the sand" if the pullback deepens

Zooming out, the stock's March swing high (which also marked the 52-week high at $214.71) and the April swing low frame the current range, with price now sitting mid-band at $182.91. The longer-term backdrop still includes a bullish "golden cross" from August 2025 (50-day SMA above the 200-day SMA), but the shorter-term bearish alignment (20-day SMA below the 50-day SMA) says the market is still working through consolidation.

Chevron Analyst Consensus & Recent Actions

The stock carries a Buy rating with an average price target of $201.82. Recent analyst moves include:

• Mizuho: Outperform (Raises Target to $230.00) (May 27)
• Barclays: Equal-Weight (Raises Target to $213.00) (May 26)
• Morgan Stanley: Overweight (Raises Target to $214.00) (May 22)

CVX Price Action: Chevron shares were up 0.31% at $182.96 at the time of publication on Thursday.

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