Rich Ross Weighs In On Chevron, Caterpillar And McDonald's
Speaking on CNBC's Fast Money, Rich Ross of Evercore ISI said that Chevron Corporation (NYSE: CVX) 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. (NYSE: 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 Corporation (NYSE: MCD) 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.
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