Snowflake Stocks Could Bounce Back Soon

Oil and gas stocks Chevron Corp (NYSE:CVX)Shares of the company are now on track for a fourth consecutive session of declines as they fall from their five-month peaks. In fact, crude oil prices slipped today as fears of tensions in the Middle East eased, with most of theEnergy SectorIt's all slipping.

However, for those looking to buy low, the recent reversal puts CVX within a standard deviation of its 50-day moving average, a trend line that has historically had a bullish connotation. According to Schaeffer's Senior Quantitative Analyst Rocky White, the stock has seen six similar signals in the past three years, with 831 TP3T of them moving higher after one month, for an average gain of 51 TP3T.

Today, puts outnumbered calls in the options market by twice the average intraday volume. This fading pessimism could boost the CVX. the most popular carry at the moment is the June 115 puts, followed by the April 155 puts, which expire this week.