Chevron Corporation (CVX) Closes Last Hour Up $0.60; Heads Up For the 2nd Consecutive Day, in a Downtrend Over Past 14 Days

The Hourly View for CVX

Last Updated September 17, 2020, 23:12 GMT

Currently, CVX’s price is down $-1.15 (-1.46%) from the hour prior. CVX has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50 and 100 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Chevron Corp Daily Price Recap

Chevron Corp closed yesterday up 0.29% ($0.23); this denotes the 2nd consecutive day an increase has occurred. This move happened on lower volume, as yesterday’s volume was down 22.29% from the day before — and down 32.29% from the same day the week before. Here is a daily price chart of Chevron Corp.


Chevron Corp Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For another vantage point, consider that Chevron Corp’s price has gone down 17 of the previous 30 trading days.

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to CVX:

    $SNDE has best in class 53k eagle ford oil acreages. 11 million market cap is ridiculous. Baytex $BTE spent 2.6 BILLION to acquire an Australian company’s 22k acres right next to SNDE 53k acres. That would value $SNDE at around $225 per share yep $225 bucks per share. This will be bought $25-$30 a share which is still dirt cheap. $72.00 per share in positive equity. around 5.8 million shares are short as of today and a tiny float of 700k $XOM $CVX