Potential Bullish Triangle in Chevron

NYSE:CVX   Chevron Corporation
Energy stocks have been holding their gains of the last two years following a pullback in early December. Now one of the biggest names could have signs of resuming its uptrend: Chevron

The first pattern on today’s chart is the series of higher lows since December 16. CVX probed the December 27 close near $177.50 several times during this period. The result has been an ascending triangle -- a potential bullish continuation pattern.

Next, prices are back above the 50-day simple moving average (SMA). That may indicate buyers are taking control over the intermediate term.

Third, you have some short-term signals: MACD is rising and the 8-day exponential moving average (EMA) has crossed back above the 21-day EMA.

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