Annual Forecast for Chevron (2022)

Chevron Corporation stock (NYSE:CVX) has also gone downwards, posting a serious threat to bulls and eventually putting a stop to the bullishness that was witnessed from January 2022 till the middle of June.

The ADX period 14, has its line at the level 20, which means that the current momentum in the market is not negligible. The DM+ is above the DM-, which means bears are in control.

 

The MACD, default parameters, has its signal lines almost crossing the zero line to the downside (the downwards crossing is an eventuality that would happen); whereas the histogram has already fallen below the zero line.

Once the Bearish Confirmation Pattern has been formed completely, further downwards movement would be expected and CVX could then reach the accumulation territories at 140.00, 130.00 and ultimately 120.00. 

 

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