Wednesday, March 16, 2016

Annual Trading Forecast on Chevron (2016)

Chevron stock (NYSE:CVX) has been making commendable bullish effort since the beginning of March 2016, although the market has been quite choppy (moving sideways) for the past several months.

In the chart, the ADX period 14 is above the level 20, showing that some momentum may be rising in the market. The DM+ is also above the DM-, meaning that the bulls now have upper hands. The MACD default parameters, has both its histogram and the signal lines above the zero line.  This shows a Bullish Confirmation Pattern in the chart. The price is poised to continue moving up and up this year.

Irrespective of occasional dips along the way, Chevron would break one supply level after the other, to the upside, in the year 2016.

This forecast is ended by the quote below:

“Watching Bach Yen grow and overcome her personal hardships, and realize that trading is her solution has been such a pleasure.” – Louise Bedford

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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1 comment:

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