Should You Buy Chevron While It's Below $180 or Wait for a Bigger Dip?

Chevron’s momentum from earlier this year has faded, with the energy stock down nearly 20% from its late-March peak to below $180, as referenced in the article. The piece links the decline to ongoing negotiations over a U.S.-Israel ceasefire-related agreement, which it says has weighed on the share price despite oil staying elevated. It notes Chevron ranks as the world’s third-largest energy company by market value and the second-largest in the U.S., with leadership in natural gas and strong upstream margins. The article argues valuation is cheaper, citing a 10-year average price-to-earnings ratio around 23 versus less than 11.5 times forward earnings. It also mentions Chevron signed a 20-year agreement with Microsoft to power a major AI data center in West Texas. A contrasting view suggests waiting, pointing to technical resistance near a 20-week EMA around $1.35 and the stock still being above its five-year average.