The Greedy Trader Weekly Analysis
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Chevron Corp. (CVX)

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Summary:
Weekly :Broken trend support lineOversold sector
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtPrice has crossed above the 50 Day Moving AverageThe price has risen above the Parabolic SARThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Chevron Corp. (CVX). During the week, the CVX gained 4.72 points, or 4.06%, and closed at 120.93 on Friday, November 8, 2019. It was the best weekly gain since June 7, 2019. Weekly volume was -29% 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 Descending Triangle chart pattern. The uptrend support line (127.98) is broken. A broken support is considered to be a long-term bearish signal. 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 106.77 and resistance is at 123.40. 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 August 9, 2019. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend 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 September 16, 2019 at 125.27 and reached 110.42 on October 3, 2019. CVX lost 14.85 points, or 11.85%, in 17 days. The price is now at the 70.77% retracement level.

Daily Technical Indicators: [See CVX daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. 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 daily MACD line is above its signal line since October 15, 2019.

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.

During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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) 63.35
Williams' Percentage Range (W%R) 17.60
Overbought
Lane's Stochastic (%D-Slow) 87.04
Overbought
Greed/Fear Indicator (GFI) 77.61
Moving Average Converg./Diverg. (MACD) 0.33
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.23
Williams' Percentage Range (W%R) 36.40
Lane's Stochastic (%D-Slow) 44.78
Greed/Fear Indicator (GFI) 53.83
Moving Average Converg./Diverg. (MACD) -0.49
Trading Signals
Description Value Chart
Quarterly Trendline Support 127.98
Quarterly Trendline Resistance 126.66
Weekly Trendline Resistance 123.40
Upper Bollinger Band 123.02
Daily Stochastic Crossing 121.17
Price 120.93
50 Day Moving Average 118.49
20 Day Moving Average 117.89
Weekly Stochastic Crossing 117.89
Parabolic System 115.19
Lower Bollinger Band 114.09
Weekly Trendline Support 106.77
Sector and Industry
Description Name Rank
Sector Basic Materials 2
Industry Major Integrated Oil/Gas 46
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 125.27
High Date 09/16/2019
Low 110.42
Low Date 10/03/2019
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 123.40
Support 106.77
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 Descending Triangle
Status Broken Support
Resistance 126.66
Support 127.98
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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