CVX on the Radar! Carefully Picked for a High-Conviction Trade!
Market Structure Overview:
* CVX is currently trading in an ascending channel, showing higher highs and higher lows—a sign of bullish momentum.
* The stock recently hit a high of $158.71 and is now pulling back slightly, testing support near $155.77 - $155.23.
* A breakdown below $155.23 could lead to further selling pressure toward the next support at $151.06.
Key Support & Resistance Levels:
* Resistance:
* $158.71 (Recent High)
* $160+ (Potential breakout target if momentum continues)
* Support:
* $155.77 - $155.23 (Current support zone within the trend)
* $151.06 (Major breakdown level)
Indicators Analysis:
* MACD:
* The MACD is showing signs of weakness as the histogram is declining. This suggests momentum may be cooling off.
* A bearish crossover on the MACD lines would further confirm short-term downside risk.
* Stochastic RSI:
* The Stoch RSI is at the bottom, indicating that the stock may be oversold in the short term and could soon see a bounce.
* If it curls back up, it could provide a bullish entry signal.
Price Action Insights:
* The stock has been following an uptrend, but a short-term pullback is developing.
* A break above $158.71 could send CVX to $160+, while a failure to hold $155.23 could lead to a deeper pullback toward $151.06.
* Volume is relatively stable, but a spike in either direction would confirm the next move.
Trade Scenarios:
✅ Bullish Setup:
* Entry: Near $155.50 - $156.00 (If support holds)
* Target: $158.71 → $160
* Stop Loss: Below $154.50 (Break of trend)
❌ Bearish Setup:
* Entry: If price breaks below $155 with high volume
* Target: $151.06
* Stop Loss: Above $157
Final Thoughts:
* CVX is bullish but showing short-term weakness.
* Watch the $155.23 level for a bounce or breakdown.
* A break above $158.71 could trigger a strong upside continuation.
🚀 CVX is in an uptrend, but watch for potential pullbacks before entering new trades!
📌 Disclaimer: This analysis is for educational purposes only and is not financial advice. Always do your own research and risk management before trading.
* CVX is currently trading in an ascending channel, showing higher highs and higher lows—a sign of bullish momentum.
* The stock recently hit a high of $158.71 and is now pulling back slightly, testing support near $155.77 - $155.23.
* A breakdown below $155.23 could lead to further selling pressure toward the next support at $151.06.
Key Support & Resistance Levels:
* Resistance:
* $158.71 (Recent High)
* $160+ (Potential breakout target if momentum continues)
* Support:
* $155.77 - $155.23 (Current support zone within the trend)
* $151.06 (Major breakdown level)
Indicators Analysis:
* MACD:
* The MACD is showing signs of weakness as the histogram is declining. This suggests momentum may be cooling off.
* A bearish crossover on the MACD lines would further confirm short-term downside risk.
* Stochastic RSI:
* The Stoch RSI is at the bottom, indicating that the stock may be oversold in the short term and could soon see a bounce.
* If it curls back up, it could provide a bullish entry signal.
Price Action Insights:
* The stock has been following an uptrend, but a short-term pullback is developing.
* A break above $158.71 could send CVX to $160+, while a failure to hold $155.23 could lead to a deeper pullback toward $151.06.
* Volume is relatively stable, but a spike in either direction would confirm the next move.
Trade Scenarios:
✅ Bullish Setup:
* Entry: Near $155.50 - $156.00 (If support holds)
* Target: $158.71 → $160
* Stop Loss: Below $154.50 (Break of trend)
❌ Bearish Setup:
* Entry: If price breaks below $155 with high volume
* Target: $151.06
* Stop Loss: Above $157
Final Thoughts:
* CVX is bullish but showing short-term weakness.
* Watch the $155.23 level for a bounce or breakdown.
* A break above $158.71 could trigger a strong upside continuation.
🚀 CVX is in an uptrend, but watch for potential pullbacks before entering new trades!
📌 Disclaimer: This analysis is for educational purposes only and is not financial advice. Always do your own research and risk management before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.