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- 4/26/2024 -
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Chevron Corp. (CVX) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the Chevron Corp. (CVX). During the week, the CVX gained 5.89 points, or 3.68%, and closed at 165.89 on Friday, April 26, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was -6% below average.
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 November 14, 2022 at 189.68 and reached 139.62 on January 18, 2024. CVX lost 50.06 points, or 26.39%, in 61 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (164.42). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.
 Medium-term trend: [See CVX medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 139.62 and reached 166.98 on April 26, 2024. CVX gained -27.36 points, or -19.60%, in 14 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (166.04). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since January 26, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 April 16, 2024 at 155.42 and reached 166.98 on April 26, 2024. CVX gained -11.56 points, or -7.44%, in 10 days. The price is now at the 9.43% 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.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.
 Candlestick pattern: [See CVX candlestick chart pattern]
On Friday the chart has formed a Bearish Advance Block Candlestick pattern. This pattern occurs in an uptrend; it is not a top reversal pattern, but it might precede a meaningful price decline. The reliability of the Bearish Advance Block pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Advance Block Candlestick pattern during the last week.
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