CVX Technical Analysis: Buyers Prepare 50-day SMA Breakout Strategy
Table of contents
Key Technical Points:
Past Performance of CVX
The CVX price action Shows a 29% jump on July 5th, resulting in the breakout of the resistance trendline and reaching the $6.5 mark. However, the 50-day SMA avoids the bullish growth and results in a retracement to retest the broken trendline and the psychological mark of $5. Nonetheless, the buyers regain trend control with a post-retest reversal accounting for a 20% jump and challenging the opposing SMA once again.
Source - Tradingview
CVX Technical Analysis
The CVX prices show an increase in intraday trading volume supporting the post-retest reversal. This increases the likelihood of an SMA breakout to continue the uptrend. Hence traders can expect the rise in demand will likely fuel the upcoming uptrend.
The MACD and signal lines maintain an uptrend and reflect an increase in the underlying bullishness. Hence the technical indicator shows a bullish bias, forecasting an uptrend continuation.
The RSI indicator shows a gradual increase in the underlying bullishness as the slope sustains above the halfway line.
In a nutshell, CVX technical analysis displays the post-retest reversal rally gaining momentum, which increases the likelihood of an uptrend continuation.
Upcoming Trend
If the post-retest reversal rally surpasses the 50-day SMA, the CVX market value might jump to the overhead resistance of the $9 mark.
Conversely, with a bearish reversal from the opposing SMA, the prices might drop below the $5 mark to retest the $3.40 support level.
Resistance Levels: $6 and $8
Support Levels: $5 and $3.40