- 1
Chevron stock price (NYSE: CVX) broke out $164 hurdle and sustained higher levels. - 2
The EMAs in CVX stock are reversing upward and preparing for a golden crossover. - 3
Chevron’s Australian LNG facilities were impacted by the workers’ strike.
Chevron stock price (NYSE: CVX) broke out of the $164.00 hurdle and is trying to expand the range upward. It formed a bullish continuation pattern and buyers took control at the $164.00 supply zone.
CVX stock price sustains above the 50-day and 200-day EMA showcasing an uptrend. The 50-day EMA positively intersects with the 200-day EMA indicating golden crossover. It triggers positive sentiment and boosts the confidence of the investors.
Chevron’s Australian LNG facilities are mildly impacted by strikes. Australia’s Offshore Alliance Union on Saturday, begins a strike against US oil and gas company Chevron. The strike is extended for another 24 hours.
Chevron asked Australia’s industrial tribunal to intervene and settle the matter. Due to all this CVX stock price might react negatively in Monday’s session. However, this strike looks temporary and is likely to get settled in the coming week.
Chevron stock price is on a slow and steady rise. For the past few months, the stock has consolidated in a narrow range and formed a strong base near $152.00. So, if any correction triggers then it is expected to get easily absorbed by the buyers.
Chevron Stock Price Needs to Show Momentum
Chevron stock price (NYSE: CVX) is trading with bullish cues. In the Friday session, the stock witnessed a massive spike in the buying volume. However, the price did not react much and closed the session at $166.50 with an intraday decline of -0.44%.
Till the CVX stock price sustains above $160.00 it is expected to remain in the bullish grip. However, if the situation changes and prices drop below $160.00. Then bears may try to drag the prices to the YTD lows.
The analysis suggests CVX stock is bullish but needs to break the $172.00 hurdle for further momentum.
CVX Stock Price Formed a Bullish Hammer Candle
CVX stock price formed a bullish hammer candle on a weekly time frame. The breakout looks reliable and sustainable. Therefore, more upward momentum is possible in the coming months.
The MACD curve is trading above the zero line and the histogram bar is also on the rise in the strength of bulls. The RSI at 60 shows the confidence of buyers and more room for upside is open.
Conclusion
Chevron stock price (NYSE: CVX) breaks the $164.00 hurdle and turns bullish for the long term. The analysis suggests CVX stock is in bulls’ grip but buyers need to break the $172 hurdle to gain further momentum.
Technical levels
- Resistance levels: $172.00 and $180.00
- Support levels: $160.00 and $156.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/17/chevron-stock-price-analysis-cvx-stock-price-roadmap-to-180/