The pole is up so it is a bull flag I suppose.
Price is barely over the resistance line of the structure so I turned the line blue versus red. I would not call it a clean break or an uptrend over the flag R line, Some would adhere to 2 closes over the R line unless it is a huge green candle. It is really what you are comfortable with.
Suspicious W but oil seems to defy the odds, but I would still do a second look if price reaches the 1.113.
167.10 appears to be a strong level of support and also lines up with C in an ABC pattern.
There are rising wedges well below price, but these are not valid until price reaches down to the area of over-supply. The over-supply dwelling in the rising wedge will kick in as a rule when the level is met. The lower line of a Rising Wedge is a level of support and is why this pattern is not valid until this line is broken.
The lowest wedge I spot for CVX is around 115ish but we are not there.
No recommendation.
EL is 182.75/Earnings are 1-27-23
Price is barely over the resistance line of the structure so I turned the line blue versus red. I would not call it a clean break or an uptrend over the flag R line, Some would adhere to 2 closes over the R line unless it is a huge green candle. It is really what you are comfortable with.
Suspicious W but oil seems to defy the odds, but I would still do a second look if price reaches the 1.113.
167.10 appears to be a strong level of support and also lines up with C in an ABC pattern.
There are rising wedges well below price, but these are not valid until price reaches down to the area of over-supply. The over-supply dwelling in the rising wedge will kick in as a rule when the level is met. The lower line of a Rising Wedge is a level of support and is why this pattern is not valid until this line is broken.
The lowest wedge I spot for CVX is around 115ish but we are not there.
No recommendation.
EL is 182.75/Earnings are 1-27-23
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.