FlagThe pole is up so it is a bull flag I suppose.
Price is barely over the resistance line of the structure so I turned the line blue versus red. I would not call it a clean break or an uptrend over the flag R line, Some would adhere to 2 closes over the R line unless it is a huge green candle. It is really what you are comfortable with.
Suspicious W but oil seems to defy the odds, but I would still do a second look if price reaches the 1.113.
167.10 appears to be a strong level of support and also lines up with C in an ABC pattern.
There are rising wedges well below price, but these are not valid until price reaches down to the area of over-supply. The over-supply dwelling in the rising wedge will kick in as a rule when the level is met. The lower line of a Rising Wedge is a level of support and is why this pattern is not valid until this line is broken.
The lowest wedge I spot for CVX is around 115ish but we are not there.
No recommendation.
EL is 182.75/Earnings are 1-27-23
