Nov. 14 at 2:49 AM
Market Context:
$CVX is currently trading at
$155.58, showing a neutral RSI of 50.05, indicating no strong momentum in either direction. The stock is above its 30-day moving average (MA30) of
$153.95 but slightly below its 50-day moving average (MA50) of
$155.18, suggesting a mixed short-term outlook.
Directional Bias: The proximity to the 60-day high of
$161.86 and low of
$148.89 indicates a range-bound scenario. The slight bullish bias is supported by being above MA30, but the RSI indicates a lack of strong buying pressure.
Suggested Entry: Consider entering a long position above
$156, confirming bullish momentum.
Stop: Set a stop-loss at
$153 to manage risk below the MA30.
Targets: First target at
$160, near the 60-day high, and a second target at
$161.50, providing a potential for a favorable risk-reward ratio.
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