Chevron stock (NYSE:CVX) is currently a bear market
and long trades are not recommended here. The dominant bias is bearish and
rallies would offer nice opportunities to go short.
Last year, the market would go up – only to drop downwards
steeply. While short-term bulls could harness some gains in this kind of
market, some bulls are sometimes trapped on the wrong side. Looking at the
chart, the price has broken down away from the Trendlines, going further south.
At the same time, the RSI period 14 is below the level 50. The price can thus
reach the demand levels at 100.00 and 99.00.
This cannot be emphasized enough: it is better to
trade what you see in the charts and respect what the market is doing. By
riding the trend, one can make huge profits from this price action. There are
countless examples of few winning positions making up for many losing
positions.
This forecast is ended by the quote below:
“No super indicator or crystal ball or occult powers
decide whether your trading account is in the black or in the red at the end of
the day. Over the medium and long term, it is your own discipline, a reliable
broker, and above all risk and money management that determine success or
failure in the markets.” – David
Pieper
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Learn from the Generals of the Markets: Market Generals
No comments:
Post a Comment