For Chevron stock (NYSE:CVX), it is a tug of war
between the bulls and the bears, which may result in the bull’s victory, as
shown in the chart.
While it fails to close below it, the price is
hovering almost above the EMA 21. The Williams’ % Range period 20 is a kind of
neutral, ready to follow whoever ends up dominating the market. Based on the
price action in the chart, it is highly probable that a breakout would occur at
last, and when it happens, it would be in favor of the bulls. The support level
at 100.00 is the great hurdle to any bearish plunge in this year: the price may
reach the resistance level at 125.00 eventually.
Conclusion: Chevron
is expected to go north, according to what the chart says. A proper use of
analytical tools and chart patterns has the potential to improve a strategy for
additional income. It is true that many people speculate on part-time basis and
supplement their income with gains from the market.
This forecast is ended with the quote below:
“Successful
traders follow rule-based strategies to minimize emotions… You cannot be
consistently successful in trading if you take large losses. No trader is right
all of the time… The best way to prevent those large losses is to stop out of
trades that are no longer going the direction you had traded.” - Brandon Wendell
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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