The Greedy Trader Weekly Analysis
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Chevron Corp. (CVX)

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Summary:
Weekly :Oversold sectorBroken trend support line
Daily :Williams' Percentage Range is oversold
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It was a first positive week after 3 consecutive negative weeks for the Chevron Corp. (CVX). During the week, the CVX gained 1.85 points, or 2.14%, and closed at 88.31 on Thursday, July 2, 2020. Weekly volume was -40% below average.

CVX is a member of Energy Sector. Energy is the second most oversold 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 chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 29.15 and resistance is at 125.93. 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 Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a long-term trend.

Medium-term trend: [See CVX medium-term trend chart]
A medium-term uptrend had started on March 19, 2020 at 51.60 and reached 103.59 on June 8, 2020. CVX gained -51.99 points, or -100.76%, in 11 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (116.03) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. CVX may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since May 1, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 June 8, 2020 at 103.59 and reached 86.18 on June 26, 2020. CVX lost 17.41 points, or 16.81%, in 18 days. The price is now at the 12.23% retracement level.

Daily Technical Indicators: [See CVX daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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 daily MACD line is below its signal line since June 10, 2020. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.92
Williams' Percentage Range (W%R) 81.70
Oversold
Lane's Stochastic (%D-Slow) 21.29
Greed/Fear Indicator (GFI) 26.84
Moving Average Converg./Diverg. (MACD) -0.69
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.96
Williams' Percentage Range (W%R) 38.10
Lane's Stochastic (%D-Slow) 55.51
Greed/Fear Indicator (GFI) 56.71
Moving Average Converg./Diverg. (MACD) -5.83
Trading Signals
Description Value Chart
Upper Bollinger Band 100.13
Weekly Stochastic Crossing 94.12
Parabolic System 92.18
20 Day Moving Average 92.17
50 Day Moving Average 91.92
Price 88.31
Daily Stochastic Crossing 87.97
Lower Bollinger Band 81.02
Sector and Industry
Description Name Rank
Sector Energy 2
Industry Integrated Oil & Gas 44
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 86.18
Low Date 06/26/2020
High 90.77
High Date 07/01/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 103.59
High Date 06/08/2020
Low 86.18
Low Date 06/26/2020
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 109.02
Support 116.03
Low 51.60
Low Date 03/19/2020
High 103.59
High Date 06/08/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Right-Angled, Descending Wedge
Status Valid
Resistance 125.93
Support 29.15
High 127.34
High Date 04/08/2019
Low 51.60
Low Date 03/19/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 133.88
High Date 01/16/2018
Low 51.60
Low Date 03/19/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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