CVX downtrend expectedYet again we are going for the short setup on CVX. As we can see the price is near the supply area, and we expect quite a fast drop starting from today.
Chevroncorporation
CVX (Chevron Corp) Updated ChartIn these analysis we are updating our potential downside target, which is now much higher than we originally had. The RR becomes simply huge, which would be extremely profitable if target will be reached.
As always, we are posting exact signal with stop loss and take profit in our channel.
Chevron (CVX) Corporation down it goesDuring the past few weeks, we are seeing a period of selling accumulation. This is because the price has managed to break below the long-term uptrend trendline, indicating a change in sentiment.
The most recent pullback shows that CVC didn't have enough steam to break above the downtrend trendline, yet again increasing the probability of further decline. We are taking this signal and will update you on the progress.
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Chevron Corporation bearish momentumWe are now at the top of the descending channel after CVX broke below the key support. I'd expect a continuation of the price drop, at least towards the 127.2% Fibs.
