Integrated Oil & Gas Industry Technical AnalysisArchive
- 1/8/2021 -
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Chevron Corp. (CVX)
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|It was a first positive week after 4 consecutive negative weeks for the Chevron Corp. (CVX). During the week, the CVX gained 6.63 points, or 7.85%, and closed at 91.08 on Friday, January 8, 2021. It was the best weekly gain since November 13, 2020. CVX was trading at average weekly trading volume. |
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 April 8, 2019 at 127.34 and reached 51.60 on March 19, 2020. CVX lost 75.74 points, or 59.48%, in 49 weeks. The price is now at the 52.13% retracement level.
Medium-term trend: [See CVX medium-term trend chart]
A medium-term uptrend had started on October 29, 2020 at 65.16 and reached 95.82 on November 24, 2020. CVX gained -30.66 points, or -47.05%, in 3 weeks. The price is now at the 15.46% retracement level.
Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 link to access Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 6, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See CVX short-term trend chart]
A short-term downtrend had started on November 24, 2020 at 95.82 and reached 83.53 on December 21, 2020. CVX lost 12.29 points, or 12.83%, in 27 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 80.83 and resistance is at 92.38. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See CVX daily technical indicators chart]
Daily technical indicators are neutral.
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.