Closed below the 200 SMA on the weekly.
Bearish retest Gap. Dan Walsh is looking for a longer term entry and trade.
IF CVX closes above 112, I would be more bullish than bearish for the short term. If CVX breaks the 108 low, could buy protective puts.
Here is the method that I look for trade setups:
Look for RgMov to reach a 2 month high and then buy dips to oversold in 11-day CCI.
Look and see where the quarterly "key hidden levels" are for support or resistance.
Buy only if the stock climbs above the lowest high in the dip. Exit when CCI reaches +100 or falls under a previous day's low.
On shorts,...
Following the previous trade-plan to sell on a bounce.
The CCI is lifting just like the rally in January. A reading of "0" in CCI would be fine if it CVX heads up again tomorrow.
The downside is to 119 target for this next swing trade down.
Tim 4:15PM EST 124.96 last
Note the current decline and compare it to the decline in January-February.
The current oversold level will relieve itself with a small rally and a new down wave can commence.
114 target by year-end. 122.89 last.
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Tim
Divergence
Status: Long
Cost basis: $123
Stop:
First price target: 126
Technical:
Horizontal S&R: no
Trend line S&R: yes, 3 lines
Channel S&R: yes
MA S&R: yes, 200
Pearson's R >= 85: yes, but early
Price @ MOB or Fib Ext >1.38<1.62:
AO divergence: yes
Fundamentals:
Next Earnings date: 10/30
IBD EPS Rating: 54
IBD SMR Rating: C
Pullback
Status: Long
Cost basis: 122.83
Stop:
First price target: 125
Technicals:
Trend line S&R: yes
Channel S&R: early
MA S&R: yes
Pearson's R >= 85: early
Price within Fib Ret..62: yes
Stochastic turn/crossover above 80%: no. too early
AO pullback >0<1.38: could be forming divergence
Fundamentals:
Next Earnings date: 10/30
IBD EPS Rating: 54
IBD SMR Rating: C
Key Hidden Levels are working well in CVX to show the various reaction points well in advance.
Subscribe at "Indicators" -> "Marketplace Add-Ons" -> "Key Hidden Levels" for a low monthly fee.
Tim
3:23PM EST 9/2/2014
Bullish momentum divergence occurring at a major support level for CVX which also happens to be hitting the 100 SMA. A couple of candles of indecision make it look like CVX could be prime for a climb to its newly formed resistance level.
Chevron Corporation (NYSE:CVX) has dropped sharply over the last week. The stock just made a new all-time highs prior, and is seeing profit taking. Chevron Corp will hit support at $122.00. This is a culmination of support trend lines as well as the 200 daily moving average. A significant bounce should occur if this level is hit in the next week. Chevron can be...
1) Price has been trading within an Uptrend Channel, since Sep 2012
2) Price was resisted against 128.00 from 2013 to 2014, with an attempt to break the Channel Trendline on 2014-01-30. However this turns out to be a false break, with price trading back into the Uptrend Channel
3) We note a classic Elliott Wave developing, from 2014-04-14 to 2014-07-15, with a 2...
On 5/19/2008 chevron put in a key swing high ( resistance level) at 104.63. Shortly after the swing high Chevron Sold off and found support. After the bounce of support the market got very choppy and on the close of the weekly candle stick of 10/18/2010. Price of the close of the candle stick was 84.55. Then market started to break out to reach the swing high of...
