The Head&Shoulders on Chevron Corp is still valid, until the rejection level is breached. Although the Throwback faltered, which has sent the equity towards the rejection level, breaking out of the Neckline, will send CVX seeking 77.31, with 82.73 as a primary objective.
1. Buy call when open higher close price.
2. Stop when CVX is under the support line.
3. Exit when meet the target at 98.14 or nearest.
4. Strategy EMA5>MA21 and passed the resistant line'
Chevron Corp is on risk to fall further on macro and micro basis.
On long term basis, despite price is trading within 1st standard deviation from 10-year mean, it fell below lower 1st standard deviation from 5-year mean, risking more downside.
On short term basis price is in fully fledged downtrend, trading below 1st standard deviations from 1-year and quarterly...
Rejected the 180ema.
Not oversold.... yet
Kissing the broken downtrend.
Might find support on the trendlines below if oversold.
All hangs on the $CL_F outcome and oil is overbought for now.
April 15
Bought my April 24 108 Strike puts
Top of 135 Drive
Previous Resistance
1.272 Extension
786 Retracement of XA
(2) ABCD patterns at same D
Over bought on Stoch and RSI with bearish Divergence on both
CVX has made a strong bullish moved from it low about 102.36 close on 1/30/14 There has been a strong gap and is trading above 10 20 and 50 EMA , and just closed above the 100 SMA. The gap at 107.37 should offer a strong support for a BPS 107/106 EXp 2/27 for .11 or 3/6 for .16.
Should your want to own the shares a 101 put sale will bring in .65 approx.
Double bottom with confluence of a potential long term bull trendline; reversal candle on increased volume; stochastic divergence; downward channel into a potential broader bullish channel.
Not an entry yet, simply a possible bottom, need to see a bullish move (jump the creek - Wyckoff), then a small retracement (back up to the creek - Wyckoff) with another...
Monthly candle chart...
The bearish Moving Average Cross (9 month, 21 month) is by far the most concerning due to the fact that it has so accurately marked the early stages of large downtrends.
This stock has an unhealthy love for everything fibonacci....retracements, extensions, you name it... (some shown).
What appears to be the 4th month after the monthly...
CVX is a correlative equity to XOM. These are consist in trend moves comparable to other equities in their sector. You want volatility for the option's play. Right now, CVX is at a crossroads with an IV of 73 and HV 71. With earnings coming up, we're expecting a shift north till the end of this year's first quarter. That's a good play to go deep in options. ...
CVX Bearish pennant seems to be holding.
Moving into earnings now. CVX is in a weakened position, will of course oil, slumping...but also strong dollar exposure. CVX has a bunch of big gas projects overseas (Australia) and the strong dollar, weak gas, and high execution cost overseas may just be the drag to break it to the down side.
Volume is nice here...strong...
