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Downtrend ResistanceArchive
- 5/10/2024 -
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Chevron Corp. (CVX) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the Chevron Corp. (CVX). During the week, the CVX gained 5.57 points, or 3.48%, and closed at 165.82 on Friday, May 10, 2024. Weekly volume was -21% below average.
CVX is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See CVX long-term trend chart]
A long-term downtrend had started on November 14, 2022 at 189.68 and reached 139.62 on January 18, 2024. CVX lost 50.06 points, or 26.39%, in 61 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (163.78). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.
 Medium-term trend: [See CVX medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 139.62 and reached 167.11 on April 29, 2024. CVX gained -27.49 points, or -19.69%, in 14 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 160.04 and resistance is at 169.76. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since January 26, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
Short-term trend: [See CVX short-term trend chart]
A short-term uptrend had started on March 4, 2024 at 147.67 and reached 167.11 on April 29, 2024. CVX gained -19.44 points, or -13.16%, in 56 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 160.45 and resistance is at 169.91. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.
Daily Technical Indicators: [See CVX daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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