Chevron Corporation shares (NYSE:CVX) are ranging in the long-term and trading upwards in the short-term. The market survived a flash crash that happened in the middle of this month and has become bullish in the short-term.
The ADX period 14 is around the level 20 (low momentum), while the DM-
remains above the DM+ (the effect of the recent flash crash). The MACD default
parameters has its signal lines and histogram converging against each other,
around the zero line.
The long-term range is still in place and this will end anytime from now,
when volatility will rise and a breakout will occur, most probably driving
price northwards. There would have been a Bullish Confirmation Pattern in the
market by then (ADX DM+ will be above its DM-, and MACD histogram and signal
lines will be above its zero line).
Therefore when a breakout does occur, it would be in favor of bulls and
CVX can reach the supply zones at 120.00, 140.00 and 160.00 before the end of
this year.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: https://www.advfnbooks.com/books/techanalysis/index.html
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