Chevron Corporation (CVX) Closes Prior Hour Down -0.16%; 2 Day Up Streak Ended, Crosses 20 Day Moving Average, Price Base in Formation Over Past 14 Days

The Hourly View for CVX

Last Updated November 9, 2020, 23:20 GMT

At the moment, CVX’s price is up $9.08 (12.77%) from the hour prior. CVX has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 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

The back and forth price flow continues for Chevron Corp, which started today off at 79.4 US dollars, up 11.6% ($8.25) from the day prior. As for how volume fared, yesterday’s volume was up 185.35% from the previous day (Saturday), and up 94.28% from Sunday of the week before. Here is a daily price chart of Chevron Corp.


Chevron Corp Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Chevron Corp crossed above its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard Around the Web

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

    📈 Symbol: $CVX
    Direction: BULLISH
    Time (EST): 2020-11-09 15:27:33
    Current Stock Price: 80.06$
    AI Confidence Score: 🔥 78.62% 🔥

    👉 Statistics
    Calls Volume -> Today: 17.1K, Average Last Five Days: 4.0K
    Calls Premiums -> Today: 5.5M, Average Last Five Days: 557.8K
    Calls Average Bid-Ask -> Today: 5.06, Average Last Five Days: 3.99
    Volume > OI Calls -> Today: 2, Average Last Five Days: 1.75
    Average Days until Expiration -> Today: 63.7, Average Last Five Days: 71.4
    Average Strike Price -> Today: 78.61, Average Last Five Days: 73.16