CFDTradingo
Short

Chevron sell the rally

NYSE:CVX   CHEVRON CORP NEW
8 months ago
After a strong impulse down Chevron is in what appears to be a corrective structure.

We will be waiting for a break out of the lower trend line . Once that happens we will watching on lower time frames for a retest and rejection before taking the short position. The targets would be 55, 30 & 15 which are previous strong support levels.

If the rally breaks up and out of the 110 level then this trade will be invalid.
7 months ago
Trade active
pixelyo
8 months ago
Not trying to disrespect your idea and I'm not long CVX, but... $15??? You got to be kidding. Why $15 and not $1?
Reply
CFDTradingo PRO pixelyo
8 months ago
A fair question, I couldn't get it on the chart without making the idea too small.

From around 2000 onwards there has been a boom so I feel its likely to unwind that and then potentially overshoot.

snapshot
Reply
pixelyo
8 months ago
If it gets to $55, it would form a head and shoulder which technically could send the stock to $15. But I don't think it will happen. Stocks don't go from $135 to $15 for large cap companies ($200 billion market cap)... unless the world is ending or the whole oil energy becomes obsolete.
Just take a look at the CVX monthly chart from 1975-2016, but please use logarithmic scale. The arithmetic scale doesn't show the truth when checking a very long time frame. You'll see CVX has a good uptrend with a few hiccups.
I'm not bullish on CVX and I respect your idea. I only think it is too extreme. Thank you for sharing it!
Reply
CFDTradingo PRO
8 months ago
We're on the lower trend line now so I'm watching on a lower time frame for a break down and retest before selling.
snapshot
Reply
CFDTradingo PRO
7 months ago
You can see there was a consolidation and then break down and then again so this is now an active trade.
snapshot
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out