Chevron Corp (CVX) Down 2.3%, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for CVX

Last Updated March 1, 2021, 12:36 GMT

At the moment, CVX’s price is down $-3.72 (-3.6%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CVX has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 is down 2.3% ($2.35) since the previous day, marking the 2nd straight day a decline has happened. The price move occurred on stronger volume; specifically, yesterday’s volume was up 9.48% from the day prior, and up 0.74% from the same day the week before. The daily price chart of Chevron Corp below illustrates.


Chevron Corp Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard Around the Web

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

    PD.TO Coiling into the apex of the {Triangle}. Beautiful 5 wave corrective structure right into the March 2020 lows when oil went negative. Provides #oil & #gas customers with access to extensive fleet of contract drilling rigs, directional drilling services, well service. Bitcoin and silver are not the only assets to protect your fiat holdings from government paper debasement. Oil is about to go crazy. The fed is going to regret letting oil go negative last year. The oil patch is going to rip in the next few years. $XLE $USO $XOM $CVX