CVX: oil prices are on the rise. Trading idea for 28/09/2023Oil prices for benchmark brands Brent and WTI are confidently surging towards 100 USD per barrel. In Q3 2023, the value of "black gold" has already soared by 30%. Revenues of companies within the oil and gas sector promise to be substantial at the end of the year. Moreover, such firms typically pay attractive dividends to investors.
Considering these developments, it is compelling to take a closer look at the stocks of energy companies. Today, our focus is on the Chevron Corporation chart (NYSE: CVX), one of the world's leaders in the oil and gas industry.
On the D1 timeframe, support lies at 167.01, with resistance at 168.52. This level was broken through on Wednesday 27 September 2023, and a new resistance level is yet to be established. There is also a clear upward trend on the H1 timeframe. In the short term, there is a potential price increase to 185.25, and in the medium term, a rise to 192.75 is likely.
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CHVX34 trade ideas
CHEVRON 1D Golden Cross ahead. Can it finally break out?Chevron Corporation (CVX) has been trading within a long-term Triangle pattern, which has potentially funneled the price action lately to a Rectangle. The key development for the next few days is the emerging Golden Cross on the 1D time-frame, the first since October 28 2021. Technically, this has the ability to break both above the Rectangle (Resistance 1 at 173.00) as well as the Triangle (Lower Highs trend-line).
The 1D RSI Higher Lows are supporting this action, so if we close a 1D candle above Resistance 1 (173.00) we will buy and target 180.00 (Lower Highs of Triangle). Then if upon a short-term pull-back the 1D MA50 holds, we will re-enter and target 188.00 (Resistance 2).
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CVX, Major CONTINUATION-SETUP, Sector Rally, BREAKOUT INCOMING!Hello There!
Welcome to my new analysis about CVX on several timeframe perspectives. The oil market since the corona pandemic supply-shock dynamics has formed a important dynamic and had the ability to form a major rebound recovery with several new highs being formed and CVX having the ability to bounce into a new all-time-high. Now a big part of the dynamic is the consideration of if CVX has the potential to continue with this established formation and with the established trend moving on with further determinations.
CVX on the local timeframe perspective is building this main wedge formation with great supports above the 140-150 area. If this wedge formation completes with the appropriate momentum breakout this will activate initial target-zones and above this considering the whole global big picture CVX is forming a much larger formation here with the broadening-wedge-formation on the global perspective being completed once the breakout of the local formation also setup. With the projection of this formation targets above 400 will be activated.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
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Chevron (CVX) Corporation down it goesDuring the past few weeks, we are seeing a period of selling accumulation. This is because the price has managed to break below the long-term uptrend trendline, indicating a change in sentiment.
The most recent pullback shows that CVC didn't have enough steam to break above the downtrend trendline, yet again increasing the probability of further decline. We are taking this signal and will update you on the progress.
$CVX - Falling Trend Channel [MID-TERM]🔹Rectangle Formation produced a POSITIVE signal at a breakout resistance of 160.
🔹Marginally broken up through resistance at 164, next resistance at 173.
🔹RSI curve indicates a rising trend, indicating an early indication of a possible upward trend reversal for the price.
🔹Technically POSITIVE for the medium long term.
Chart Pattern:
◦ DT: Double Top | BEARISH | 🔴
◦ DB: Double Bottom | BULLISH | 🟢
◦ HNS: Head & Shoulder | BEARISH | 🔴
◦ REC: Rectangle | 🔵
◦ iHNS: inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
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Chevron in a range.Chevron Corporation - 30d expiry - We look to Buy at 157.22 (stop at 154.02)
We look to trade the current range.
156.22 has been pivotal.
Support is located at 157 and should stem dips to this area.
We look to buy dips.
The primary trend remains bullish.
Our profit targets will be 165.22 and 167.22
Resistance: 162.00 / 164.25 / 166.00
Support: 159.00 / 156.22 / 154.00
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Chevron, or oil stocks in general look ready to outperform s&P50If you just take a look at the chart, you can see we have had the deviation below support, broke back above, and are currently retesting.
this implies to me, that at the very least, Oil stocks , or chevron specifically, will keep pace with the s&p500 at the very least, until it is ready to massively outperform.
Rotation from tech to energySure tech can have another couple % up as the rotation is underway, but this chart looks quite convincing to me especially with the weekly bullish div on the macd.
Then we have a bullish engulfing weekly candle...
Atop of that, last week Cramer said this oil rally should be faded.
Buffet has been buying oil (oxy) which is also an interesting play. Although he is not an immediate reversal signal, it shows that the valuation of these companies is at a good area in his eyes.
I would love a small pullback tomorrow but I am not sure we get that. The entry now is not bad, the stoploss would be below the channel which is only 5% loss ish, for an implied 30+% move up.