Promising Signs: CHEVRON CORP Setting the Stage for a Breakout.

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.

Deciphering the Technical Picture of 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.

• 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 159.10 - 168.96 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.
• Looking at the yearly performance, CVX did better than 81% 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 54% 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.

Our latest full technical report of CVX contains the most current technical analsysis.

Looking at the Setup

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.

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.

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.

Keep in mind

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.