Backing up to a higher time frame after some relatively volatile moves on a daily chart can help you find some bigger picture trading opportunities.
I’m looking at a very important price support decision that came in at the recent low in CVX. Take a look at the weekly chart of this stock. The most recent decline is very similar to a prior decline of $17.72 cents. The most recent decline was $17.87.
Bottom line: if price continues to hold above this key support, the upside potential is rather healthy and is illustrated on this chart.
I am currently looking at a pullback to the recent lows for a possible buy entry. Remember with my work, NTNT – aka no trigger no trade. Please read the guidelines on my site as far as using triggers for entries!!