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Vikram
May 18, 2022
by Vikram

CVX Technical Analysis: Clinging At $10, Bears Recharge Next Punch

CVX
CVX prices showcase a sideways trend clinging to the $10 support level after the 33% downfall observed. Will bears break another support?

Key technical points:

  • CVX prices failed to sustain above $15 yesterday.

  • The higher price rejection candle retests the falling channel breakout.

  • The 24-hour trading volume of CVX is $17.21Million, indicating a 6.92% upsurge. 

    • Past Performance of CVX

    On 11th May, the CVX prices broke below the descending trendline of the falling channel with a huge bearish engulfing candle depreciating the market value by 33%. The downfall broke the $15 barrier to cling to the psychological mark of $10, discharging the bearish trend into consolidation. 

    TradingView Chart

    CVX Technical Analysis 

    Yesterday, on May 17th, the CVX price grew astonishingly to retest the falling channel breakout and failed to sustain the bullish momentum. The bullish failure led to a long-wick candle formation reflecting a formidable selling pressure in play.

    Coming to the pivot points (orange horizontal bars), the support levels below the psychological barrier are at $9.70 and $6.75. On the opposite end, the resistance levels are $14.50 and $19.

    The downtrend in the RSI slope (blue line) oozes above the oversold boundary, with the 14-day SMA (yellow line) providing dynamic resistance to maintain the downtrend. Furthermore, the DI lines avoid a bullish crossover as the higher price rejection kills the bullish momentum, with the ADX falling back under. 

    Hence, the technical momentum indicators project a stronger bearish side as the CVX sellers increase pressure.

    Upcoming Trend

    If the sellers overtake trend control to restart the downfall, the mentioned support levels will provide bullish reversal launchpads. However, if buyers manage to surpass $14.50, CVX prices will return to $19.

    Support Levels: $9.70 and $6.75

    Resistance Levels: $14.5 and $19

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    CVX Technical Analysis: Clinging At $10, Bears Recharge Next Punch
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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