Chevron (CVX) has pulled back to the large volume node of the last year as it nears the 2022 yearly POC at 158 after a recent pop above the value area was rejected on the large buyback news. A quick 13% pullback offers up a support zone nearing to sell put spreads into for a bounce that can likely hold this 160 area and retest back to 170-175. Options flows have seen some recent opening put sales including on 2/15 an opening sale of 5900 March $170 puts at $5.50 looking for prices to stay near that level into March. CVX also has 650 September $150 short puts in OI sold at $6.25 and the massive 2500 January $200 ITM short puts still in OI from sellers on 10/19 at $43.25.

Trade to consider: Sell CVX April $160/$150 bull put spreads at $3.00 credit or better. Targeting 50% profit of the credit.