CVX finds buyers again around 123.63


Chevron Corp. (CVX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
CVX closes below its opening price unable to hold early session gains
CVX fails to close above 20-day moving average
CVX finds buyers again around 123.63
CVX closes within previous day's range after lackluster session
CVX ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

CVX finished the week -0.08% lower at 124.04 after edging lower $0.22 (-0.18%) today on low volume. Trading $0.68 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CVX
Volatility

Friday's trading range was $1.25 (1.01%), that's far below last trading month's daily average range of $2.14. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 123.56. After having been unable to move lower than 123.59 in the prior session, the market found buyers again around the same price level today at 123.63. After spiking up to 124.88 during the day, Chevron found resistance at the 20-day moving average at 124.79.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 122.97 where further sell stops could get activated. Trading close to May's low at 120.06 we might see further downside momentum if potential sell stops at the level get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Chevron Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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