Maintain CVX at $186 with no aggressive action as risk/reward is balanced-to-mildly-negative (5-7% upside to $195-197 vs 7-10% downside to $174-180). Scale-in triggers at $180-182 and $174-178 with technical confirmations, trim into rallies at $190-191.50, and reassess at Q3 2026 earnings in late October/early November.