Chevron (CVX) pulled back, closing down 4.46% at $156.54, following a sharp surge the previous day driven by the U.S. capture of Venezuelan President Maduro.
- The initial surge was fueled by CVX's unique U.S. license, allowing it to resume tanker shipments and positioning the company for expanded access to the world's largest oil reserves.
- The recent decline reflects profit-taking after a strong 7% weekly rally and technical indicators showing the stock was overbought (RSI 76).
- The stock is pulling back despite bullish analyst targets set around $180 and its strategic advantage in Venezuela.