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