The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance
Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

Chevron Corp. (CVX)

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overbought
Daily :Daily  MACD line has moved above its signal lineThe 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 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.09
Williams' Percentage Range (W%R) 22.50
Lane's Stochastic (%D-Slow) 71.06
Greed/Fear Indicator (GFI) 69.22
Moving Average Converg./Diverg. (MACD) 0.36
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.36
Williams' Percentage Range (W%R) 12.20
Overbought
Lane's Stochastic (%D-Slow) 75.11
Greed/Fear Indicator (GFI) 73.89
Moving Average Converg./Diverg. (MACD) -1.90
Trading Signals
Description Value Chart
Upper Bollinger Band 92.92
Weekly Trendline Resistance 92.38
Weekly Stochastic Crossing 91.47
Price 91.08
Daily Stochastic Crossing 90.71
20 Day Moving Average 87.63
50 Day Moving Average 84.95
Parabolic System 84.83
Lower Bollinger Band 81.97
Weekly Trendline Support 80.83
Sector and Industry
Description Name Rank
Sector Energy 12
Industry Integrated Oil & Gas 102
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 83.53
Low Date 12/21/2020
High 92.43
High Date 01/08/2021
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 92.38
Support 80.83
High 95.82
High Date 11/24/2020
Low 83.53
Low Date 12/21/2020
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 65.16
Low Date 10/29/2020
High 95.82
High Date 11/24/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
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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