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- 1 CVX stock is struggling to escape the upper trendline.
- 2 CVX stock is forming a descending triangle pattern on the charts.
Chevron Corporation (CVX stock) price has faced a trendline barrier and is trading inside the descending triangle pattern. After ending the correction, the stock established a base at $150. Buyers are attempting to break the trendline but face strong resistance from the $160 level.
The price action indicates that CVX stock has formed a double bottom pattern, and the neckline exists near $165, which, if surpassed, would lead to a breakout on the charts.
Moreover, the chart showcased neutral indications, and the stock is gaining momentum post release of Q2 earnings results, and buyers have started accumulating the stock and are looking for a breakout. The EPS increased by 5.68% to $3.08 Billion (QoQ), and the total revenues increased by 4.64% to $48.90 Billion (QoQ). However, the results were as per the estimates, and investors showed demand for the stock gaining strength.
Chevron Corp. provides administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
At press time, CVX stock is trading at $159.31 with an intraday drop of 0.23% showing neutral indications on the charts. Moreover, the trading volume increased by 2.67% to 10.185 Million, and the market cap is $297.471 Billion. Analysts maintained a buy rating with a yearly target price of $184.27, suggesting a growth outlook for the upcoming sessions.
CVX Stock Price Action On Daily Charts
On the daily charts, CVX stock price is struggling to break the trendline of $160, and forming an inverted hammer candlestick. However, the price is near the 100-day EMA, and will try to escape the resistance in the following sessions.
As per the Fib levels, CVX stock price is trading above 38.2% and is trying to surpass the 50% neutral region, but the price failed to sustain and is stuck below $160. The price is near the lower bollinger band and shows volatility on the charts.
What Technical Indicators Say?
On the 4-hour charts, CVX stock reflected seller dominance and showed retracement in the past sessions. Moreover, the chart showcased that the price faces rejection near the hurdle of $160, showing bearishness.
The RSI curve stayed near 50 showing neutrality and forming a negative divergence on the charts. Moreover, the price rejection near the trendline showed that sellers have attained strength and are still willing to defeat the bulls.
The MACD indicator showed a bearish crossover, and red bars on the histogram showed a negative outlook on the charts.
Conclusion
Chevron Corporation (CVX stock) price shows a negative outlook due to the rejection near the trendline of $160, indicating bears’ firm grip. However, bulls are still trying to surpass it and putting efforts to escape the region toward $165.
Technical Levels:
Support Levels: $150
Resistance Levels: $165 and $170
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
