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CHEVRON CORP is setting up nicely for a breakout.

By Mill Chart

Last update: Jan 26, 2023

Our stock screener has spotted CHEVRON CORP (NYSE:CVX) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:CVX.

CVX Daily chart on 2023-01-26

Technical Analysis Observations

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, CVX scores 7 out of 10 in our technical rating. In the last year, CVX was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • When comparing the yearly performance of all stocks, we notice that CVX is one of the better performing stocks in the market, outperforming 89% of all stocks. On top of that, CVX also shows a nice and consistent pattern of rising prices.
  • CVX is part of the Oil, Gas & Consumable Fuels industry. There are 394 other stocks in this industry. CVX outperforms 74% of them.
  • CVX is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so CVX slightly outperforms the market at the moment.
  • In the last month CVX has a been trading in the 170.85 - 182.55 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

How do we evaluate the setup for NYSE:CVX?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:CVX scores a 9 out of 10:

CVX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 178.8, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:CVX?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:CVX and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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CHEVRON CORP

NYSE:CVX (3/28/2024, 8:04:09 PM)

After market: 157.69 -0.05 (-0.03%)

157.74

+1.39 (+0.89%)

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