CVX Stock Price Hits Latest All-Time High, Will the Price Turn Back or Continue Moving towards the $200 Mark?

The share price of CVX on Monday, November 7 is the all-time high recorded at $186.38.
The Choppiness Index is seeing lower levels showing a strong directional trend.
Now the $200 mark has become the next target of the bulls.

Chevron Corporation is an American multinational energy corporation. This year’s surge in energy prices has awarded investors in Exxon Mobil and Chevron, both of which have consistently outperformed major indexes. According to the CVX stock price technical price chart, there is no negative perception in assets as long as buyers maintain some key level.

In the last year, the NYSE: CVX stock price has performed admirably. Buyers are constantly pushing digital assets higher, and after setting a new all-time high, bulls have room to make a sharp trend to the upside. Investors are celebrating the latest all-time high, which was set on Monday, November 7th, at $186.38.

As per Trend-based fibonacci extension, the $200 mark emerges as the next target of bulls. The 0.236 level acts like a key support level if price faces a correction phase. Undoubtedly, the NYSE: CVX stock price has been dominated by the bulls for over the last 18 months. As of now, price is drawing the third strong bullish candle on the weekly chart. In addition, the Choppiness Index is observing into the lower levels, showing a strong directional trend.

The market capitalization of Chevron corporation was reported at $363.32 Billion USD in the letter of Monday. Investors are accumulating digital assets above the all vital moving averages of 20,50,100 and 200 over daily charts.

The daily RSI indicator stays at 73 mark, headed towards the overbought zone. As well as, the MACD continues expanding higher but histogram shows slightly weak strength in CVX stock price.

Conclusion

The Chevron Corporation- CVX stock price has been constantly growing for the past four weeks. On monday, bulls hit the latest all-time high. Although CVX price recorded all-time high but RSI indicator still remains to enter the overbought zone. This bullish divergence influences buyers for more investing.

Support level – $165 and $140

Resistance level – $186 and $200

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing