Monday, June 8, 2020

Chevron price analysis: CVX generates a bullish signal, a Golden Cross is imminent

Chevron stock (NYSE:CVX) is a bull market. Having been pummeled in the months of January, February and March 2020, price has been trending upwards since April, trying hard to recover the lost ground. The lost ground will eventually be all recovered.


4 EMAs are used for this analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart. The EMAs 10, 20 and 50 are all sloping upwards, and price is above the EMA 10 (strong trend) and testing the EMA 200.


A Golden Cross is clearly imminent as price has already touched the EMA 200, and will almost certainly break it to the upside, trending further northwards. The EMAs 10, 20 and 50 also will eventually cross the EMA 200 to the upside, ushering in a golden era for bulls.


The outlook on CVX is bullish for the rest of this year. There would be some bearish attempts along the way, but the overall market bias will be bullish.


Azeez Mustapha


Market Analyst, Trading Signals Provider and Coach


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