Chevron Corporation (CVX) Price Near $88.99; Moves Up For the 2nd Straight Day, in a Downtrend Over Past 90 Days, Crosses 200 Day Moving Average

The Hourly View for CVX

Last Updated November 17, 2020, 02:05 GMT

At the time of this writing, CVX’s price is up $3.49 (4.2%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CVX. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Chevron Corp Daily Price Recap

Chevron Corp came into today up 7.14% ($5.93) from the open of the previous day, marking the 2nd straight day an upward move has occurred. The price move occurred on stronger volume; specifically, yesterday’s volume was up 72.85% from the day prior, and up 77.13% from the same day the week before. Let’s take a look at the daily price chart of Chevron Corp.


Chevron Corp Technical Analysis

First things first: Chevron Corp crossed above its 200 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about CVX:

    Mon Nov 16th
    Today's BEST performing sector:

    Energy +6.5%

    biggest 20 Energy stocks by mkt cap:
    1) $VLO: +9.4%
    2) $PSX: +8.3%
    3) $COP: +7.8%
    4) $SU: +7.7%
    5) $CVX: +7.2%

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