Rich Ross Weighs In On Chevron, Caterpillar And McDonald's
Speaking on CNBC's Fast Money, Rich Ross of Evercore ISI said that Chevron CorporationCVX is going to hold above its 200-day moving average. He thinks that crude oil is going higher and that is going to take Chevron higher too.
Caterpillar Inc.CAT is the best performing stock in the Dow Jones Index year-to-date, but it's trading close to its resistance of $90. Ross believes it won't be able to break above the resistance after the CEO retired. He would sell the stock.
Ross noticed a head and shoulders pattern on its weekly chart in McDonald's CorporationMCD and he thinks that the stock is going to trade lower to its 200-week moving average, which is at $100. Ross added that McDonald's could drop below $100 and he can see it at $96.