justatrader
Short

Trendline Break and Fibs - CVX Short

BATS:CVX   CHEVRON CORP NEW
105 0 0
I had previously published another chart, which hinted at a drop in CVX             to 110 levels before shooting up to 128+ region. This analysis is based on a rather simple EMA, Trendline Break and Fibonacci Level.

Firstly, we have the 21EMA above the price.
The trendline is upward sloping, which has been broken (but not before making a high at 127.33).
We then plot a Fib from the lowest immediate point in the TL to the high (of 127.33).

The price drop has been smooth, with infact price hitting 1.618% Fib level. I wouldn't trade this usually, but because of my previous analysis which shows a decline to 110, i'm optimistic that Chevron prices would drop beyond the 2.618% Fib level.

So here goes!!!!
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out