The Greedy Trader Weekly Analysis
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Uptrend Support

Uptrend Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Support stock alert indicates that price is near long-term support trendline and probability of short-term trend reversal is high. The strategy here is to take advantage of established uptrend price pullback and entering the long position just prior to the continuation of the trend. The strategy has relatively low risk.

Uptrend Support

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- 11/24/2023 -
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Chevron Corp. (CVX) Technical Analysis

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Summary:
Weekly :Oversold industryWilliams' Percentage Range and Lane's Stochastic are oversold
Daily :The price has risen above the Parabolic SAR
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It was a second consecutive positive week for the Chevron Corp. (CVX). During the week, the CVX climbed 0.44 points, or 0.30%, and closed at 144.90 on Friday, November 24, 2023. Weekly volume was -20% below average.

CVX is a member of Integrated Oil & Gas Industry. Integrated Oil & Gas is the tenth most oversold industry. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See CVX long-term trend chart]
A long-term downtrend had started on November 14, 2022 at 189.68 and reached 140.72 on November 22, 2023. CVX lost 48.96 points, or 25.81%, in 53 weeks. The price is now at the 8.54% retracement level.

Medium-term trend: [See CVX medium-term trend chart]
A medium-term downtrend had started on September 28, 2023 at 171.70 and reached 140.72 on November 22, 2023. CVX lost 30.98 points, or 18.04%, in 7 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 140.17 and resistance is at 167.62. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is below its signal line since October 27, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.

Short-term trend: [See CVX short-term trend chart]
A short-term uptrend had started on November 22, 2023 at 140.72 and reached 145.94 on November 24, 2023. CVX gained -5.22 points, or -3.71%, in 2 days. The price is now at the 19.92% retracement level.

Daily Technical Indicators: [See CVX daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since November 14, 2023. This is an indication that the short-term trend is up.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 42.05
Williams' Percentage Range (W%R) 66.00
Lane's Stochastic (%D-Slow) 62.45
Greed/Fear Indicator (GFI) 46.17
Moving Average Converg./Diverg. (MACD) -4.30
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 35.85
Williams' Percentage Range (W%R) 88.40
Oversold
Lane's Stochastic (%D-Slow) 10.72
Oversold
Greed/Fear Indicator (GFI) 21.72
Moving Average Converg./Diverg. (MACD) -1.24
Trading Signals
Description Value Chart
Monthly Trendline Resistance 167.62
50 Day Moving Average 156.95
Upper Bollinger Band 150.67
Price 144.90
20 Day Moving Average 144.69
Daily Stochastic Crossing 144.41
Lower Bollinger Band 143.71
Weekly Stochastic Crossing 143.15
Parabolic System 140.58
Monthly Trendline Support 140.17
Sector and Industry
Description Name Rank
Sector Energy 3
Industry Integrated Oil & Gas 10
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 140.72
Low Date 11/22/2023
High 145.94
High Date 11/24/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 140.72
Low Date 11/22/2023
High 145.94
High Date 11/24/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 167.62
Support 140.17
High 171.70
High Date 09/28/2023
Low 140.72
Low Date 11/22/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 189.68
High Date 11/14/2022
Low 140.72
Low Date 11/22/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 51.60
Low Date 03/19/2020
High 189.68
High Date 11/14/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.