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.
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