Chevron is near record highs, and some traders may see potential for a breakout.
The first pattern on today’s chart is the price zone between $199.24 and $196.67 -- the low of April 7 and the high of April 9. It roughly matches the bearish gap after the initial ceasefire between Washington and Tehran. The oil-and-gas giant remained trapped under that range in mid-May and late July, but rallied above it in late August.
CVX tested and held the same price area last week, which could suggest that old resistance has become new support.
Second, last week’s bounce occurred at a 50 percent retracement of its August 7-20 advance. That may confirm its direction is pointing higher.
Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. That may reflect a bullish short-term trend.
Finally, the early July low occurred near the rising 200-day simple moving average (SMA). The 50-day SMA has also stayed above the 200-day SMA. Those patterns may be consistent with a bullish long-term trend.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the price zone between $199.24 and $196.67 -- the low of April 7 and the high of April 9. It roughly matches the bearish gap after the initial ceasefire between Washington and Tehran. The oil-and-gas giant remained trapped under that range in mid-May and late July, but rallied above it in late August.
CVX tested and held the same price area last week, which could suggest that old resistance has become new support.
Second, last week’s bounce occurred at a 50 percent retracement of its August 7-20 advance. That may confirm its direction is pointing higher.
Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. That may reflect a bullish short-term trend.
Finally, the early July low occurred near the rising 200-day simple moving average (SMA). The 50-day SMA has also stayed above the 200-day SMA. Those patterns may be consistent with a bullish long-term trend.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. If you're born to trade, we could be for you. Learn more here about TradingView’s Broker of the Year!
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.