I am becoming bullish on energy stocks, in particular CVX.
First my technical rationale:
CVX has consilidated over the past 3+ months in an unusually tight range. On Friday, the stock ended exactly on the POC for the trailing 3 months.
Despite a number of headwinds (see below) CVX remains in the context of an uptrend.
CVX and XLE (the ETF it is most closely...
Chevron is trading inside a Channel Up pattern with the 1D technical outlook bearish (RSI = 42.924, MACD = 1.030, ADX = 27.596). This is expected since the 1D RSI entered the Buy Zone where the last two HH legs started. As seen on the chart, the price hit the bottom of the Channel Up, a standard buy entry inside such patterns. The slightest rebound will also form...
After the breakout of the uptrend trendline, on a pullback, the price found resistance at 38.2% Fibonacci retracement level. We are looking at this short opportunity while watching the most recent high.
Overall, CVX is expected to drop down to the key Fibonacci support, which is a 61.8% retracement level.
We have breakouts of two chart patterns happening simultaneously. A secondary rectangle and a descending primary triangle.
Furthermore, the breakout of this rectangle highlights a very nice primary reversal pivot.
This could indicate that a longer uptrend could be on the horizon.
If this is true, it is possible that at least proportional movement of the primary...
Oil prices for benchmark brands Brent and WTI are confidently surging towards 100 USD per barrel. In Q3 2023, the value of "black gold" has already soared by 30%. Revenues of companies within the oil and gas sector promise to be substantial at the end of the year. Moreover, such firms typically pay attractive dividends to investors.
Considering these...
Chevron Corporation (CVX) has been trading within a long-term Triangle pattern, which has potentially funneled the price action lately to a Rectangle. The key development for the next few days is the emerging Golden Cross on the 1D time-frame, the first since October 28 2021. Technically, this has the ability to break both above the Rectangle (Resistance 1 at...
Hello There!
Welcome to my new analysis about CVX on several timeframe perspectives. The oil market since the corona pandemic supply-shock dynamics has formed a important dynamic and had the ability to form a major rebound recovery with several new highs being formed and CVX having the ability to bounce into a new all-time-high. Now a big part of the dynamic is...
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-Disclaimer-
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During the past few weeks, we are seeing a period of selling accumulation. This is because the price has managed to break below the long-term uptrend trendline, indicating a change in sentiment.
The most recent pullback shows that CVC didn't have enough steam to break above the downtrend trendline, yet again increasing the probability of further decline. We are...
On Friday, Chevron broke out of the $164 resistance and settled at $167.21. A daily close above $168 may extend this rally towards the April-May 2023 high of around $173. In contrast, a daily close below $164 may drag prices down towards the $156
support.
🔹Rectangle Formation produced a POSITIVE signal at a breakout resistance of 160.
🔹Marginally broken up through resistance at 164, next resistance at 173.
🔹RSI curve indicates a rising trend, indicating an early indication of a possible upward trend reversal for the price.
🔹Technically POSITIVE for the medium long term.
Chart Pattern:
◦ DT: Double Top | BEARISH |...
OIL is on the move, this play on CVX will gain momentum when we close above 200d ma above 165.
new targets to look for above and a few gaps to fill.
keep an eye on USOIL and UKOIL.
The PEAD projected a neutral outlook for NYSE:CVX after a negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 45.45%.
Chevron Corporation - 30d expiry - We look to Buy at 157.22 (stop at 154.02)
We look to trade the current range.
156.22 has been pivotal.
Support is located at 157 and should stem dips to this area.
We look to buy dips.
The primary trend remains bullish.
Our profit targets will be 165.22 and 167.22
Resistance: 162.00 / 164.25 / 166.00
Support: 159.00 /...
![CVX: $CVX - Falling Trend Channel [MID-TERM]](https://s3.tradingview.com/i/IA9tnuMF_mid.png "$CVX - Falling Trend Channel [MID-TERM]")
