CVX trade ideas
CVX shows bullish hammer under MA 100 on dailyShorted after a nice bearish hammer at high.
Needed to move my stop closer since got bullish hammer after clearing MA 100 which is concerning.
A lot of room to go down but have to mitigate my risks. Ready to renter if stopped out after downward movement resumes.
CVX: Crude Oil blues?Chevron Corporation
Short Term - We look to Sell at 162.55 (stop at 167.91)
Our outlook is bearish. The trend of lower highs is located at 166.80. A firmer opening is expected to challenge bearish resolve. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be 148.94 and 144.00
Resistance: 165.00 / 182.00 / 200.00
Support: 148.50 / 134.00 / 111.00
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8/24/22 CVXChevron Corporation ( NYSE:CVX )
Sector: Energy Minerals (Integrated Oil )
Market Capitalization: 319.434B
Current Price: $163.19
Breakout price: $164.35
Buy Zone (Top/Bottom Range): $156.20-$146.90
Price Target: $180.00-$182.70
Estimated Duration to Target: 48-50d
Contract of Interest: $CVX 10/21/22 170c
Trade price as of publish date: $5.60/contract
CVX Bullish Megaphone Triangle megaPatternCVX on the 4-hour chart appears to have a megaphone pattern setup.
The price appears to be approaching the confluence of the
midline of the megaphone pattern acting as resistance with
the SMA 200 nearby. If the price can break through it could
head higher to the upper trend line of resistance and the
SMA 100. Blue sky on the horizon. XOM has a similar chart,
Big Oil is still alive and may be diversifying. Warren
Buffet working on accumulating market share for good
cause....so maybe buy the stock or perhaps out of the $
strike of $200 for three months expiration and sell by
late October to avoid Nov 1 earnings volatility
$CVX CHEVRON WYCKOFF plus INVERSE HEAD and SHOULDER Pattern$CVX Chevron Corp
This is one of my favorite charts because it had a clear UPTHRUST WYCKOFF DISTRIBUTION PATTERN and I was able to short the full measured move down without a sweat and share that with my friends, yay money!
Chevron has completed the full measured move down on the WYCKOFF distribution pattern and is showing signs of accumulation. A few things to note below:
1. Warren Buffet loaded on Chevron.
2. Supply on oil is still low and the demand is high. The government policy on oil refineries doesn't help the supply.
3. The Russia War on Ukraine is still in full effect. (prayers)
4. Their earnings lag, however, this stock will move significantly on news that directly effects these headlines.
5. It is a dividend paying stock, I believe the news will try hard to beat it down so hedge funds can load up.
Like I mentioned above, $cvx appears to be in accumulation, it has formed a decent consolidation pattern.
If you zoom into the 4 hour timeframe you will find a beautiful INVERSE HEAD & SHOULDER pattern developing (flip from bars to line chart for a different view).
The left shoulder shows the highest selling volume bar and checks the box of a textbook inverse H&S.
However, if this pattern fails, I have setup some support levels below.
This one will be on the top of my watchlist next week!
CVX - Another Over Extended Oil Stock What a shocker..... Another over extended oil company stock.
This is a WEEKLY chart
What do we do with these? Clearly the entire sector is reaching historically significant price levels.
This stock charts out very nicely. There is currently an overshoot to the ascending trendline that has contained price advance in it's history.
Because there is a special situation impacting prices this post is meant to show historical significance.
Obviously a selling situation but don't jump in front of a freight train. Do with it what you will.