$CVX CHEVRON WYCKOFF plus INVERSE HEAD and SHOULDER Pattern$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!
