Mar. 20 at 3:18 PM
$CVX – The Bull Trap or Launchpad?
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We rallied from the Feb 28 low (
$194) to the Mar 9 high (
$204) in a textbook impulse structure. Looks bullish on the surface.
However, zoom out. The 4.5-month range (Oct-Mar) is a massive resistance zone. This move could simply be a Inverted Zigzag (ABC) correction within that range, not a new trend.
Current State: Trading at
$203.77, kissing the 52-week high (
$204.18) .
The Play: A confirmed close above
$205 with volume signals the end of consolidation. If we reject here and break below
$194, the ranging game resumes.
No emotions. Just levels. Watching for the Volume Confirmation.
