A technical analysis of CHEVRON CORP.

CHEVRON CORP (NYSE:CVX) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:CVX.

What is the technical picture of NYSE:CVX telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to CVX. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CVX is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• In the last month CVX has a been trading in the 156.70 - 168.96 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, CVX did better than 79% of all other stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
• CVX is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry, CVX did better than 46% of them.
• CVX is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so CVX is lagging the market slightly.

For an up to date full technical analysis you can check the technical report of CVX

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CVX this score is currently 8:

CVX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 169.95. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 166.94, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.