The Greedy Trader Weekly Analysis
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Major Integrated Oil/Gas Industry Technical Analysis

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- 12/6/2019 -
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Chevron Corp. (CVX)

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Summary:
Weekly :Oversold sectorBroken trend support line
Daily :Williams' Percentage Range is oversoldPrice has crossed above the 50 Day Moving AveragePrice is near the Fibonacci 38.2% retracement levelThe price moved above the moving average in the center of the Bollinger Bands
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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 climbed 0.88 points, or 0.75%, and closed at 118.01 on Friday, December 6, 2019. Weekly volume was -37% below average.

CVX is a member of Basic Materials Sector. Basic Materials 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 uptrend had started on December 26, 2018 at 100.22 and reached 127.34 on April 8, 2019. CVX gained -27.12 points, or -27.06%, in 14 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (130.37) 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 long-term trend.

Medium-term trend: [See CVX medium-term trend chart]
A medium-term downtrend had started on July 25, 2019 at 127.00 and reached 110.42 on October 3, 2019. CVX lost 16.58 points, or 13.06%, in 10 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 104.10 and resistance is at 122.48. 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 medium-term trend.

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

The weekly MACD line is below its signal line since November 22, 2019. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. 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 October 3, 2019 at 110.42 and reached 122.94 on November 14, 2019. CVX gained -12.52 points, or -11.34%, in 42 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance 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 November 18, 2019. The distance between MACD and the signal line is low and getting smaller.

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.

During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.11
Williams' Percentage Range (W%R) 80.80
Oversold
Lane's Stochastic (%D-Slow) 27.40
Greed/Fear Indicator (GFI) 28.90
Moving Average Converg./Diverg. (MACD) -0.26
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.40
Williams' Percentage Range (W%R) 59.80
Lane's Stochastic (%D-Slow) 60.03
Greed/Fear Indicator (GFI) 49.18
Moving Average Converg./Diverg. (MACD) -0.52
Trading Signals
Description Value Chart
Quarterly Trendline Support 130.37
Quarterly Trendline Resistance 126.57
Weekly Trendline Resistance 122.48
Upper Bollinger Band 121.77
Parabolic System 120.18
Weekly Stochastic Crossing 119.23
20 Day Moving Average 118.63
Price 118.01
50 Day Moving Average 117.42
Daily Stochastic Crossing 116.69
Lower Bollinger Band 114.13
Weekly Trendline Support 104.10
Sector and Industry
Description Name Rank
Sector Basic Materials 2
Industry Major Integrated Oil/Gas 44
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 110.42
Low Date 10/03/2019
High 122.94
High Date 11/14/2019
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 122.48
Support 104.10
High 127.00
High Date 07/25/2019
Low 110.42
Low Date 10/03/2019
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 127.34
High Date 04/08/2019
Low 110.42
Low Date 10/03/2019
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Support
Resistance 126.57
Support 130.37
Low 100.22
Low Date 12/26/2018
High 127.34
High Date 04/08/2019
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 69.58
Low Date 08/24/2015
High 133.88
High Date 01/16/2018
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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