CVX was the Dow 30 component that had the highest loss on Friday.
The chart clearly shows that the earnings report was not going to be good. The pattern is a failed bottom as there has been rotation to lower inventories of the stock for most of this year.
Declining Accum/Distribution indicators at the lows of the range followed by a negative divergence between the price trend and Accum/Dist are indicative of rotation within the sideways trend that never developed into a bottom.
Another Relational Technical Analysis tip to watch out for in other stocks, especially ahead of earnings reports.
The chart clearly shows that the earnings report was not going to be good. The pattern is a failed bottom as there has been rotation to lower inventories of the stock for most of this year.
Declining Accum/Distribution indicators at the lows of the range followed by a negative divergence between the price trend and Accum/Dist are indicative of rotation within the sideways trend that never developed into a bottom.
Another Relational Technical Analysis tip to watch out for in other stocks, especially ahead of earnings reports.
Martha Stokes, CMT
ttrader.im/learn-tv
Learn how to use the technical patterns of each market participant for better trade planning.
ttrader.im/learn-tv
Learn how to use the technical patterns of each market participant for better trade planning.
Related publications
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.
Martha Stokes, CMT
ttrader.im/learn-tv
Learn how to use the technical patterns of each market participant for better trade planning.
ttrader.im/learn-tv
Learn how to use the technical patterns of each market participant for better trade planning.
Related publications
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.