The Big Boys, page-440

CTX - Weekly

It has been almost exactly 9 months since Chevron sold its 50% holding in Caltex for $35.00 p/share,
and it has taken that long for the market to digest the almost 5 billion dollar transaction.
Price whipsawed many times during that period as the larger players jostled for positions, with some reducing positions, and others increasing, but CTX (mostly) continued to show an underlying strength throughout that time.
In mid December price broke out above that $35.00 level, and faced the congestion to the left (above 35) which has been trapped for some time.  Surprisingly supply was not overwhelming, perhaps it has been shaken out over the last 9 months. Price may return to this 35 level again in the future, for a secondary test.....we'll see......


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