Chevron - CVX - Daily - Anatomy of the recent TRENDSHere is the method that I look for trade setups:
Look for RgMov to reach a 2 month high and then buy dips to oversold in 11-day CCI.
Look and see where the quarterly "key hidden levels" are for support or resistance.
Buy only if the stock climbs above the lowest high in the dip. Exit when CCI reaches +100 or falls under a previous day's low.
On shorts, sell only when it drops under the highest low of a rally. Cover when CCI reaches -100 or climbs over a previous day's high.
CVX has been a money machine with all but 1 losing trade giving it a batting average of more than 800. (5 out of 6)
Tim 11:12AM EST 9/25/2014 Thursday
CHV trade ideas
Chevron Corp -CVX -Daily -Reshorting here on the bounceFollowing the previous trade-plan to sell on a bounce.
The CCI is lifting just like the rally in January. A reading of "0" in CCI would be fine if it CVX heads up again tomorrow.
The downside is to 119 target for this next swing trade down.
Tim 4:15PM EST 124.96 last
Chevron Corp -CVX -Dailiy - Oversold in a Major DowntrendNote the current decline and compare it to the decline in January-February.
The current oversold level will relieve itself with a small rally and a new down wave can commence.
114 target by year-end. 122.89 last.
*** Key Hidden Levels are a subscription service available at "MarketPlace Add-Ons"
Tim
CVX - hourly forming double bottom, on daily and weekly supportDivergence
Status: Long
Cost basis: $123
Stop:
First price target: 126
Technical:
Horizontal S&R: no
Trend line S&R: yes, 3 lines
Channel S&R: yes
MA S&R: yes, 200
Pearson's R >= 85: yes, but early
Price @ MOB or Fib Ext >1.38<1.62:
AO divergence: yes
Fundamentals:
Next Earnings date: 10/30
IBD EPS Rating: 54
IBD SMR Rating: C
CVX Triple supportPullback
Status: Long
Cost basis: 122.83
Stop:
First price target: 125
Technicals:
Trend line S&R: yes
Channel S&R: early
MA S&R: yes
Pearson's R >= 85: early
Price within Fib Ret..62: yes
Stochastic turn/crossover above 80%: no. too early
AO pullback >0<1.38: could be forming divergence
Fundamentals:
Next Earnings date: 10/30
IBD EPS Rating: 54
IBD SMR Rating: C
Chevron Corporation Collapses Off Highs: Buy It HereChevron Corporation (NYSE:CVX) has dropped sharply over the last week. The stock just made a new all-time highs prior, and is seeing profit taking. Chevron Corp will hit support at $122.00. This is a culmination of support trend lines as well as the 200 daily moving average. A significant bounce should occur if this level is hit in the next week. Chevron can be taken as a swing trade.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
Chevron Projected to Rise Around 8%, Classic Elliott 5-Wave1) Price has been trading within an Uptrend Channel, since Sep 2012
2) Price was resisted against 128.00 from 2013 to 2014, with an attempt to break the Channel Trendline on 2014-01-30. However this turns out to be a false break, with price trading back into the Uptrend Channel
3) We note a classic Elliott Wave developing, from 2014-04-14 to 2014-07-15, with a 2 clear impulse waves and 2 corrective waves.
Given the cluster of Support buying at 128.00 levels, it is projected that Price is ready to breakout above 132.00 and trade higher, forming the next impulse wave.
Theoretical Price Projection:
a) 139.76 (Assumption: Wave III = Wave V)
b) 147.02
Upper Channel Limitation: Any upward move will most likely be bounded by the Upper Channel Line
Time Limitation: The projected strong upward price movement should happen within 12 Trading Days, after price closes above 132.00
chevron breaking out of a 3 year 3 month consildation rangeOn 5/19/2008 chevron put in a key swing high ( resistance level) at 104.63. Shortly after the swing high Chevron Sold off and found support. After the bounce of support the market got very choppy and on the close of the weekly candle stick of 10/18/2010. Price of the close of the candle stick was 84.55. Then market started to break out to reach the swing high of 104.63.
Now I want to quickly point out that it took from 10/18/2010-3/21/11 which is a little over four months for the market to reach the swing high. That range of 84.55 to 104.63 is 20.08 cents.
After the market reached the 104.63 price level on 3/21/11, it took until 5/20/13 for chevron to go up another 20.08.
Also not that it has stayed in a 23 dollar range for the time period between 3/21/11 to 6/9/14 ( depending if this week candle stick closes above 127.91) That range lasted 3 years and almost 3 months of consolidation.
If the market can close above the 127.91 support level, look for the market to either pull back and bounce off of the 127.91 support level or the market may have enough momentum to not see a pull back and shoot up 20 dollars.
CVX breaks downThis week CVX broke down from its retracement. On Tuesday there was a shooting star, followed on Wednesday by another candle forming the double negative of a tweezer top with dark cloud cover. After bad earnings on Friday it created a breakaway gap. The last three down moves (head and the two shoulders are around $12 each time in about 25 days. I am looking for a move in the next 25 trading days to $110.
Head and Shoulders TopThis week I will post two Oil stocks (CVX and TSO), both appearing to meet the requirements for Head and Shoulder tops. You may want to put them on your watch list.
This pattern is the easiest recognized, but can turn into an Acc/Dist pattern if the classic rules are not met. Beyond the H & S pattern he first rule is an uptrend line is broken as this did in June. The most important rule is that the volume decreases from the Left shoulder to the Right shoulder using CMF or OBV. Next the neckline breaks and then a retrace occurs to the .500 Fib. I also like to use the 200 day SMA (I first began TA after reading Joe Granvilles book and use his rules for the 200 day, (and yes I know he fell out of favour). CVX appears to be meeting all these requirements although it may still go to the $120.00 level. I believe it needs to confirm the pattern by re-breaking the neckline. As earnings are reported on Nov 1st it may move sideways before going down.
Remember predicting a three day weather forecast is 25 times more accurate than a three day stock forecast.