If you just take a look at the chart, you can see we have had the deviation below support, broke back above, and are currently retesting.
this implies to me, that at the very least, Oil stocks , or chevron specifically, will keep pace with the s&p500 at the very least, until it is ready to massively outperform.
Neutral until broken.
Some would measure the wide end of the triangle and project it from the up or down from the point of the break be it up or down.
No recommendation
CVX consolidated for two months from May to July 2023 (larger rectangle). Moved up slightly and started consolidating again. Price is now above 20/50/100 EMAs and just below 200 EMA. Likely to break 200 EMA soon. Uptrend to start by end-August with PT of 180 by end-2023.
We notice that we are in the process of a small correction for the downside, and there is an increase in the selling momentum, and we wait for the buying momentum to weaken in the correction, and we sell,
I´m considering this whole sideways movement to be a flat correction.
Therefore, blue wave C would occur in 5 subwaves, giving me the expectation of a new lower low below 150.
Invalidation is at 172.88.
After large spike in gas/oil prices recently a correction is in order. Looking for this bearish trend to continue and for CVX to retest resistance before going to support.
Sure tech can have another couple % up as the rotation is underway, but this chart looks quite convincing to me especially with the weekly bullish div on the macd.
Then we have a bullish engulfing weekly candle...
Atop of that, last week Cramer said this oil rally should be faded.
Buffet has been buying oil (oxy) which is also an interesting play. Although he...
Hello friends. Today, I counted waves of CVX (the stock of Chevron Oil Company). I hope you will like it.
After completing a full 5-wave, price is now completing wave c of corrective A. The decline will probably continue until the bottom of the channel, then we will witness an upward movement to complete wave B.
CVX rallied off the yellow TL, which seems to be the neckline in this possible head and shoulders formation. At the moment, it looks like it is forming the right shoulder around ~$180.
Looking back to 2007, the stock has very defined levels of support and resistance.
The support line of this horizontal trading channel is strong due to multiple touches.
Targets are calculated using the height of the channel.
It is a neutral pattern until broken. This did break up but fell back into the channel.
No recommendation.
Chevron Corporation - 30d expiry - We look to Buy at 150.33 (stop at 146.33)
150 continues to hold back the bears. We look to buy dips.
149.91 has been pivotal.
149.74 has been pivotal.
This is currently an actively traded stock.
The primary trend remains bullish.
Our profit targets will be 160.33 and 162.33
Resistance: 164.04 / 166.00 / 169.00
Support:...
Many investors, institutional and retail follow the trades of Warren Buffett, the legendary investor like a hawk. Recently, he invested 41 billion in this oil company called Chevron Corporation.
Could he be looking at renewable energy growth that these Oil companies are now penetrating into ? Or looking at Oil prices now, he is expecting these Energy companies...
It could take a couple of more weeks to explode, but it is worth to open a long position and accumulate next week. Oil is going up so I don't think this one breaks down.
