By Mill Chart
Last update: Sep 26, 2023
A possible breakout setup was detected on CHEVRON CORP (NYSE:CVX) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:CVX.
Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.
Overall CVX gets a technical rating of 8 out of 10. 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.
Our latest full technical report of CVX contains the most current technical analsysis.
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:CVX currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.
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 166.80, a Stop Loss order could be placed below this zone.
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.
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.
Our Breakout screener lists more breakout setups and is updated daily.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
CHEVRON CORP
NYSE:CVX (12/8/2023, 7:04:00 PM)
After market: 144.32 +0.01 (+0.01%)144.31
+1.89 (+1.33%)
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