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Cvxsignals

CHEVRON Ideal sell at the top of the 2-year Channel Down.Chevron (CVX) has been trading within a long-term Channel Down since the November 14 2022 High (almost 2 years). The price is currently on a 4 week rejection streak on the 1W MA50 (blue trend-line) but despite the selling pressure, it closes every 1W candle flat, refusing to decline. This is most likely the same accumulation/ pull-back phase that the previous two Bullish Legs went through upon testing the 1W MA50. They both eventually broke it and peaked at the top of the Channel Down. We expect a similar peak within the 1W MA100 (green trend-line) and the 1W MA50. Once the 1W RSI also peaks and starts reversing (red arc), we will sell and target 132.00 (just above the 1.236 Fibonacci extension). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:CVX
by TradingShot
CHEVRON The road to recovery is set but will have its bumpsThe Chevron Corporation (CVX) has been pulling back since the November 15 rejection and is already below the 1D MA50 (blue trend-line) headed towards the 1D MA200 (orange trend-line). As you see the stock has been trading on a Fibonacci Channel since the October 29 2020 bottom and its last two Higher Lows (July 14, September 28) found Support on or around the 1W MA50 (red trend-line). Remarkably, we last saw the very same Fibonacci Channel during the 2010/11/12 period (chart on the right). The RSI sequences on the 1W time-frame of the two periods are identical and it appears that we are currently headed for the Higher Low (green circle on the RSI) before testing the overhead Resistance Zone (red). If the 2010/11/12 sequence continues to get repeated, then we should expect another two Resistance rejections and pull-backs before we convincingly break to a significantly Higher High. That pattern shows that Chevron is in recovery mode already but the road will has its bumps along the way but we can take advantage of them by buying low and selling high. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:CVX
by TradingShot
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