Nov. 21 at 2:07 AM
Market Context:
$CVX is currently experiencing bearish momentum, as indicated by its last close of
$150.5, which is below the 30-day moving average (MA30) of 153.96 and the 50-day moving average (MA50) of 154.98. The RSI at 34.29 suggests that the stock is nearing oversold conditions, potentially indicating a reversal point.
Directional Bias: The stock is trading within a 60-day high of 161.86 and a low of 148.89, suggesting a range-bound environment. The proximity to the 60D low indicates a potential bounce, but the bearish trend remains dominant due to the price being below both MAs.
Suggested Entry: Consider entering a long position around
$149, close to the 60D low.
Stop: Place a stop-loss at
$147 to manage risk.
Targets: Set the first target at
$153 (near MA30) and a second target at
$156 (a psychological resistance level).
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