CVX Tests Major Resistance! Can the Bulls Keep the Momentum?

Technical Analysis Overview:
1-Hour Chart:
* Trend: CVX remains in a strong uptrend, approaching key resistance near $157.5.
* Indicators:
* MACD: Displays slight bullish momentum, but histogram is flattening, signaling possible consolidation.
* Stochastic RSI: Overbought at 87, indicating potential short-term exhaustion.

30-Minute Chart:
* Price Action:
* CVX is consolidating near $157, just under key resistance at $157.5-$160.
* Support at $155 has held firmly, demonstrating buyer strength in this range.

* Volume: Moderate volume indicates steady buying pressure.

Key Levels to Watch:
Support Levels:
* $155: Immediate support level and highest positive NETGEX.
* $152.5: Next support zone, aligning with GEX10.
* $148: Strong support near the 3rd PUT Wall.

Resistance Levels:
* $157.5: Immediate resistance, coinciding with the 3rd CALL Wall.
* $160: Major resistance, aligning with the 2nd CALL Wall.
* $165-$170: Long-term resistance zones with significant CALL walls.

GEX Insights:
snapshot
Key Gamma Levels:
* Positive Gamma Walls (Resistance):
* $157.5: Highest positive NETGEX and immediate resistance.
* $160: 82.85% (2nd CALL Wall).
* $165-$170: Major resistance levels (12.8%-19.94% GEX).

* Negative Gamma Levels (Support):
* $155: Strong support aligned with highest positive NETGEX.
* $148: Backed by significant PUT support (-0.89% GEX).

Options Metrics:
* IVR: 41.4, indicating moderate implied volatility.
* IVx: 23.3, slightly below average.
* Call/Put Bias: PUTs dominate at 22.7%, showing caution in the market.

Trade Scenarios:
Bullish Scenario:
* Entry: Above $157.5 with volume confirmation.
* Target: $160-$165.
* Stop-Loss: Below $155 to limit downside risk.

Bearish Scenario:
* Entry: Rejection at $157.5 or a breakdown below $155.
* Target: $152.5-$148.
* Stop-Loss: Above $160 to control losses.

Directional Bias:
* CVX is consolidating below a critical resistance zone at $157.5. A breakout could lead to bullish momentum toward $160-$165, while failure to break higher may result in a pullback to $155 or lower.

Conclusion:
CVX is approaching a crucial inflection point near $157.5. Traders should monitor this level for signs of a breakout or rejection. A decisive move above $157.5 could signal further bullish continuation, while a breakdown below $155 may signal consolidation or a retracement.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your research and trade responsibly.

Disclaimer