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Uptrend Broken SupportArchive
- 9/13/2024 -
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Chevron Corp. (CVX) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the Chevron Corp. (CVX). During the week, the CVX gained 2.05 points, or 1.48%, and closed at 140.61 on Friday, September 13, 2024. Weekly volume was -6% below average.
CVX is a member of Energy Sector. Energy is the 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 March 19, 2020 at 51.60 and reached 189.68 on November 14, 2022. CVX gained -138.08 points, or -267.60%, in 138 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (154.69) 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 April 29, 2024 at 167.11 and reached 135.37 on September 11, 2024. CVX lost 31.74 points, or 18.99%, in 19 weeks. The price is now at the 16.51% retracement level.
 Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. 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 below its signal line since June 7, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. 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 August 26, 2024 at 150.09 and reached 135.37 on September 11, 2024. CVX lost 14.72 points, or 9.81%, in 16 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 132.85 and resistance is at 143.49. 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 Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal.
The daily MACD line is below its signal line since September 4, 2024. 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.
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