CHV trade ideas
Chevron Corp (CVX - SPX) - Bears continue dominationChevron Corp (CVX - SPX) is in ABC zigzag down in 2 hr time frame, where C down is in progress and 4th of C on the way. So stay short for 5th wave down. Here A was leading diagonal so the losses will possibly extend. Keep eye on it, because it is possible that the 1st extended wave of C is just about to end after 5th wave ended.
Chevron (CVX) Stock AnalysisSideways trend - the best option is to hold.
Prices might go upward or downward.
Chevron (CVX) – Chevron reported a quarterly loss of $1.59 per share, wider than the 92 cents per share that analysts were expecting. Revenue also came in below forecasts, amid lower oil and gas prices and the pandemic-related drop in fuel demand.
Chevron Corp (CVX - NYSE) - ABC wave pattern Chevron Corp (CVX - NYSE) has completed WXY in double zigzag pattern from bottom as indicated in chart. It dropped in impulse as wave A and correcting up in wave B, which might take 2-3 days to complete. Thereafter C wave will resume the fall in price action. CVX and XOM are about 22 - 22 % holding value of XLE etf, which drag it down as both has C wave down within 2-4 trading sessions. XOM & CVX have same pattern for C down sell after wave B over.
Bearish CVX Analysis
This look like a nice bearish setup. Price broke structure, then rallied to test the previous low. Price did not make any higher lows, it meet resistance at the 50.0 fib level. A double top was created which is a bearish candlestick formation pattern. The previous daly candle look to have formed a bearish candlestick.