Chevron stock price (NYSE: CVX) defended the $160.00 support and showed a minor bounce. The buying volume is also on the rise which showcases that some genuine investors are accumulating the stock ahead of earnings.
CVX stock price sustaining above the 50-day and 200-day indicates the trend is in an upward direction. Moreover, the buyers are active at the lower levels and trying their best to rebound.
At the end of September, Chevron stock price attempted to break out of the $170.00 hurdle. Sadly, the attempt failed and prices witnessed profit booking. The stock price retraced down to the EMA and retested the demand zone. Luckily, bulls were active near to support and the downfall halted.
The price structure of the CVX stock price is bullish so the short-term correction is likely to be bought up. Chevron Corporation formed a strong base in the range between $150.00 to $160.00. So, the downside risk looks limited.
The price behavior of the stock is quite stable and trading volume is high. So, it will be difficult for speculators to manipulate the price and fake breakout and breakdown will be low.
Chevron Stock Price Getting Ready For the Breakout?
Chevron stock price (NYSE: CVX) is trading with a bullish bias and investors seem to be building up the position ahead of earnings.
Chevron Corporation scheduled the quarterly earnings on October 27, 2023. Market analysts estimated an EPS of $3.419 and revenue of $50.281 Billion. If the company succeeds in beating the estimates, then CVX stock price may react positively and buyers might prepare for another breakout attempt.
On the other hand, if the company disappoints, then the bears may try to pull down the stock below $160.00.
CVX Stock Price is in Recovery Mode
CVX stock price is in a recovery mode and needs some strong buying to regain the confidence of the investors.
Quarterly earnings are near. So, volatility in the stock price might increase. Hence, investors must be careful and be mentally prepared for a sharp rise or decline.
The MACD curve slopes down but near the zero line indicates mild bearishness. However, the price action is bullish and the RSI curve is reversing upward denotes strength and more room for upside is open.
Conclusion
Chevron stock price (NYSE: CVX) holds the $160.00 level and is reversing upward. It shows that buyers are active near support so more upward momentum is possible.
The analysis suggests CVX stock price is preparing for a $170.00 breakout after the release of earnings.
Technical Levels
- Resistance levels: $171.81 and $187.66
- Support levels: $162.05 and $149.48
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/16/chevron-stock-will-cvx-stock-price-break-170-after-earnings/