CVX: mid-term and macro trend structure Breakout attempt from a multi-year flat base.
On a macro scale, structure suggests unfinished upside from 2020 lows (which aligns well with the 70s bottom). If the base resolves higher, there’s meaningful runway left.
Macro (Monthly):
Key zone to watch short/mid-term: 168–175. That resistance could trigger several weeks of consolidation before any sustainable multi-month breakout.
If cleared and held, upside roadmap opens toward 210 → 230–250, with 300 as an ultimate extension level.
Weekly:
Alternatively, price may have completed the first impulsive leg from the Apr ’25 bottom and could now require more time and potentially a deeper pullback before continuation.
A retracement into the 152–140 support zone would be the area for a reset and base formation prior to the next sustained upside attempt.
Chart:
That scenario would still keep the broader breakout thesis intact, just with a more prolonged consolidation phase first.
