CVX — Looking Healthy Into Key Support

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.

https://myemail.cboe.com/exchange/kearney/Inbox/CVX%20weekly%20chart.EML/1_multipart_xF8FF_2_cvx.gif/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/cvx.gif?attach=1

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!!

http://www.fibonacciqueen.com/fibqueenguidelines.pdf