CVX’s Price May Be in An Uptrend, but RSI Suggests Caution

The Hourly View for Chevron Corporation

  • Currently, CVX’s price is up $0.43 (0.38%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
  • The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Chevron Corporation’s hourly price chart is shown below.

CVX

The Daily View for Chevron Corporation

  • Currently, CVX’s price is up $0.94 (0.83%) from the day prior.
  • This is the 2nd day in a row Chevron Corporation has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Chevron Corporation. Given that we see an uptrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • Divergence alert: Trend in CVX’s price and its RSI are diverging. CVX’s price is rising faster than its RSI.

Below is a daily price chart of Chevron Corporation.

CVX

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