Chevron Phillips Chemical Co. (NYSE:CVX) announced Monday its plan to build a plant capable of generating up to 250,000 metric tons of a compound used to make everything from detergent bottles and food and beverage containers, to film and pipes.The construction of the company is expected to begin in the first half of the year and production should begin in first quarter of 2014.Chevron (NYSE:CVX) has potential upside of 15.4% based on a current price of $108.4 and an average consensus analyst price target of $125.13.Chevron should find initial support at its 50-day moving average (MA) of $107.50 and further support at its 200-day MA of $102.77.In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has risen 0.18%.