I had previously published another chart, which hinted at a drop in CVX to 110 levels before shooting up to 128+ region. This analysis is based on a rather simple EMA, Trendline Break and Fibonacci Level.
Firstly, we have the 21EMA above the price.
The trendline is upward sloping, which has been broken (but not before making a high at 127.33).
We then plot a Fib from the lowest immediate point in the TL to the high (of 127.33).
The price drop has been smooth, with infact price hitting 1.618% Fib level. I wouldn't trade this usually, but because of my previous analysis which shows a decline to 110, i'm optimistic that Chevron prices would drop beyond the 2.618% Fib level.
So here goes!!!!
Firstly, we have the 21EMA above the price.
The trendline is upward sloping, which has been broken (but not before making a high at 127.33).
We then plot a Fib from the lowest immediate point in the TL to the high (of 127.33).
The price drop has been smooth, with infact price hitting 1.618% Fib level. I wouldn't trade this usually, but because of my previous analysis which shows a decline to 110, i'm optimistic that Chevron prices would drop beyond the 2.618% Fib level.
So here goes!!!!