This week CVX broke down from its retracement. On Tuesday there was a shooting star, followed on Wednesday by another candle forming the double negative of a tweezer top with dark cloud cover. After bad earnings on Friday it created a breakaway gap. The last three down moves (head and the two shoulders are around $12 each time in about 25 days. I am looking for a...
This week I will post two Oil stocks (CVX and TSO), both appearing to meet the requirements for Head and Shoulder tops. You may want to put them on your watch list.
This pattern is the easiest recognized, but can turn into an Acc/Dist pattern if the classic rules are not met. Beyond the H & S pattern he first rule is an uptrend line is broken as this did in June....
Chevron Corporation (NYSE:CVX) continues to fall, even as the markets float higher. The stock has collapsed from a recent high of $126.50 to a low today of $115.32. As it falls, look for the master support level of $114.85. Should that level hit today or tomorrow, it is a long swing trade with an upside bounce target of $120.00.
Gareth Soloway
Chief Market...
Chevron is one of the shares, that I would trade frequently because of the good fundamentals. We currently have a good long opportunity with risk/reward ratio of about 1.5.
How is it that crude oil is so far out of sync with the price of energy stocks?
This chart shows you very clearly how they move together, but at times they reach extremely far apart. After an extreme, they come back together in a dramatic fashion.
I can't wait until Tradingview has ratio charts so you can see what the ratio chart looks like.
The lift in...
