Third Wave going well! Climbing to 175 during its third wave (of V). Then a pull back before ultimately climbing toward the 180 range in early November.
CVX trade ideas
CVX swing longI am becoming bullish on energy stocks, in particular CVX.
First my technical rationale:
CVX has consilidated over the past 3+ months in an unusually tight range. On Friday, the stock ended exactly on the POC for the trailing 3 months.
Despite a number of headwinds (see below) CVX remains in the context of an uptrend.
CVX and XLE (the ETF it is most closely correlated to) have under-performed the broader market over the longer term, but have shows strength more recently, pointing to the possibility of favorable sector rotation.
None of the three downward thrusts that occurred over the past month have uncovered significant supply at lower prices
A rise above 164 would present an entry on the double/triple bottom pattern that emerged over the past month, suggesting further potential towards 171+.
From a fundamental perspective:
Crude oil futures remained quite resilient despite the ongoing dollar strength over the past number of weeks, along with widely reported economic weakness reported out of China.
US rig counts have peaked late last year and started to decline significantly over the past six months. This should provide further support for oil prices.
Year-on-year realized price comparisons were very challenging during the first half of the year, but that headwind looks set to die down.
CVX is a high quality stock, with a rare, perfect Piotroski Score of 9, a substantial dividend, trading at a reasonable 11.3x 2024 EPS. Given all the macro uncertainty, this should help maintain demand for the stock.
I see two stages to this opportunity. In the shorter term, I expect a return to the highs of the trailing one month range. For this, my stop loss will be a closing violation of the ascending channel, while my PT is 164. On a longer time scale I see CVX return above 170, though that might not happen before the earnings release in early November.
CHEVRON: Best buy on the current market conditions.Chevron is trading inside a Channel Up pattern with the 1D technical outlook bearish (RSI = 42.924, MACD = 1.030, ADX = 27.596). This is expected since the 1D RSI entered the Buy Zone where the last two HH legs started. As seen on the chart, the price hit the bottom of the Channel Up, a standard buy entry inside such patterns. The slightest rebound will also form a 1D Golden Cross. The stock is therefore sitting on a triple buy signal, with an obvious R Zone right above it. We are targeting the R2 level (TP = 172.90).
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CVX downtrend intactAfter the breakout of the uptrend trendline, on a pullback, the price found resistance at 38.2% Fibonacci retracement level. We are looking at this short opportunity while watching the most recent high.
Overall, CVX is expected to drop down to the key Fibonacci support, which is a 61.8% retracement level.
CVX entering a stronger uptrend? We have breakouts of two chart patterns happening simultaneously. A secondary rectangle and a descending primary triangle.
Furthermore, the breakout of this rectangle highlights a very nice primary reversal pivot.
This could indicate that a longer uptrend could be on the horizon.
If this is true, it is possible that at least proportional movement of the primary trend can be achieved in the 171 region.
We will see.
The market is never wrong and can do whatever it wants.
CVX: oil prices are on the rise. Trading idea for 28/09/2023Oil prices for benchmark brands Brent and WTI are confidently surging towards 100 USD per barrel. In Q3 2023, the value of "black gold" has already soared by 30%. Revenues of companies within the oil and gas sector promise to be substantial at the end of the year. Moreover, such firms typically pay attractive dividends to investors.
Considering these developments, it is compelling to take a closer look at the stocks of energy companies. Today, our focus is on the Chevron Corporation chart (NYSE: CVX), one of the world's leaders in the oil and gas industry.
On the D1 timeframe, support lies at 167.01, with resistance at 168.52. This level was broken through on Wednesday 27 September 2023, and a new resistance level is yet to be established. There is also a clear upward trend on the H1 timeframe. In the short term, there is a potential price increase to 185.25, and in the medium term, a rise to 192.75 is likely.
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CHEVRON 1D Golden Cross ahead. Can it finally break out?Chevron Corporation (CVX) has been trading within a long-term Triangle pattern, which has potentially funneled the price action lately to a Rectangle. The key development for the next few days is the emerging Golden Cross on the 1D time-frame, the first since October 28 2021. Technically, this has the ability to break both above the Rectangle (Resistance 1 at 173.00) as well as the Triangle (Lower Highs trend-line).
The 1D RSI Higher Lows are supporting this action, so if we close a 1D candle above Resistance 1 (173.00) we will buy and target 180.00 (Lower Highs of Triangle). Then if upon a short-term pull-back the 1D MA50 holds, we will re-enter and target 188.00 (Resistance 2).
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CVX, Major CONTINUATION-SETUP, Sector Rally, BREAKOUT INCOMING!Hello There!
Welcome to my new analysis about CVX on several timeframe perspectives. The oil market since the corona pandemic supply-shock dynamics has formed a important dynamic and had the ability to form a major rebound recovery with several new highs being formed and CVX having the ability to bounce into a new all-time-high. Now a big part of the dynamic is the consideration of if CVX has the potential to continue with this established formation and with the established trend moving on with further determinations.
CVX on the local timeframe perspective is building this main wedge formation with great supports above the 140-150 area. If this wedge formation completes with the appropriate momentum breakout this will activate initial target-zones and above this considering the whole global big picture CVX is forming a much larger formation here with the broadening-wedge-formation on the global perspective being completed once the breakout of the local formation also setup. With the projection of this formation targets above 400 will be activated.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
CVXDiamond top or diamond continuation pattern? Or is it even a valid diamond pattern at all? Let me know your thoughts.
Chevron Corporation, week#39As long it's price didn't close below $165.00, you can add some of it shares
We set our target at $174.42
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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.
Chevron broke out of the $164 resistance...On Friday, Chevron broke out of the $164 resistance and settled at $167.21. A daily close above $168 may extend this rally towards the April-May 2023 high of around $173. In contrast, a daily close below $164 may drag prices down towards the $156
support.
$CVX - Falling Trend Channel [MID-TERM]🔹Rectangle Formation produced a POSITIVE signal at a breakout resistance of 160.
🔹Marginally broken up through resistance at 164, next resistance at 173.
🔹RSI curve indicates a rising trend, indicating an early indication of a possible upward trend reversal for the price.
🔹Technically POSITIVE for the medium long term.
Chart Pattern:
◦ DT: Double Top | BEARISH | 🔴
◦ DB: Double Bottom | BULLISH | 🟢
◦ HNS: Head & Shoulder | BEARISH | 🔴
◦ REC: Rectangle | 🔵
◦ iHNS: inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
CVX near term $168 OIL is on the move, this play on CVX will gain momentum when we close above 200d ma above 165.
new targets to look for above and a few gaps to fill.
keep an eye on USOIL and UKOIL.
$CVX with a neutral outlook following its earnings #StocksThe PEAD projected a neutral outlook for NYSE:CVX after a negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 45.45%.
Chevron in a range.Chevron Corporation - 30d expiry - We look to Buy at 157.22 (stop at 154.02)
We look to trade the current range.
156.22 has been pivotal.
Support is located at 157 and should stem dips to this area.
We look to buy dips.
The primary trend remains bullish.
Our profit targets will be 165.22 and 167.22
Resistance: 162.00 / 164.25 / 166.00
Support: 159.00 / 156.22 / 154.00
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Chevron, or oil stocks in general look ready to outperform s&P50If 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.
Chevron Corporation, for week#35Closed in green in the past 3 days, but not good enough volume.
Wait till it above $160.02, or the volume indicator confirms
Symmetrical TriangleNeutral 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 Trying to Move UpCVX 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.
