Furthermore, since its August low, CVX printed a nice impulse ( the trend ). The ensuing move looks corrective to us. Now CVX appears to be ready to take off to at least 104 where we will have equality between trending waves. If there's more fuel in CVX then 110 is a major resistance where we have the of the previous decline and the apex of a triangle where prices often stall.
Only a move below 69.70 will negate this view