Welcome to my new analysis about CVX on several timeframe perspectives. The oil market since the corona pandemic supply-shock dynamics has formed a important dynamic and had the ability to form a major rebound recovery with several new highs being formed and CVX having the ability to bounce into a new all-time-high. Now a big part of the dynamic is the consideration of if CVX has the potential to continue with this established formation and with the established trend moving on with further determinations.
CVX on the local timeframe perspective is building this main wedge formation with great supports above the 140-150 area. If this wedge formation completes with the appropriate momentum breakout this will activate initial target-zones and above this considering the whole global big picture CVX is forming a much larger formation here with the broadening-wedge-formation on the global perspective being completed once the breakout of the local formation also setup. With the projection of this formation targets above 400 will be activated.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
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ANALYSIS UPDATE: CVX increased bullish volumes on the local term. A breakout and continuation on the global term in the next times should be expected.
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ANALYSIS UPDATE: CVX is having a strong demand-zone between the 155 and 160 area from where it continued to bounce and has now the potential to form the next highs in the next times.
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ANALYSIS UPDATE: CVX is increasing strong bullish volume and aims for new highs within the range to follow up with a final bull flag breakout.