Explore the latest Elliott Wave analysis for Chevron (CVX) as of May 20, 2024. Discover key support and resistance levels and potential price targets for CVX stock.
Chevron Inc. (CVX) Elliott Wave Trading Lounge Analysis - Daily Chart
Chevron Inc., (CVX) Daily Chart Analysis
CVX Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minor wave 1
Direction: Upside in Minute {v}
Details: Chevron Inc. (CVX) shows an upward trend in the daily chart analysis. We are closely monitoring Minor wave 1 for a top. A breakthrough past the previous wave B top at $171 is critical. Achieving this level will confirm further bullish momentum.
Chevron (CVX) is currently in the final stages of Minor wave 1, with an expected top in Minute wave {v}. We are looking for a break above the previous wave B top at $171, which would provide additional confirmation of further upside potential.
Trading Lounge Chevron Inc. (CVX) Elliott Wave Analysis - 4-Hour Chart
Chevron Inc., (CVX) 4Hr Chart Analysis
CVX In-Depth Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (e) of {iv}
Direction: Upside in wave (i) of {v}
Details: On the 4-hour chart, we are observing a potential triangle formation in wave {iv}. We expect this pattern to be completed soon. Post-completion, an upside movement in wave (i) of {v} is anticipated, indicating a resumption of the bullish trend.
On the 4-hour chart, CVX appears to be completing a potential triangle formation in wave {iv}. Once this triangle is completed, we expect an upside resumption in wave (i) of {v}.
Technical Analyst: Malik Awais
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: Texas Instruments Inc.(TXN) Stocks Elliott Wave Technical Analysis
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 7 Analysts Over 170 Markets Covered. Chat Room With Support
Conclusion
The Elliott Wave analysis for Chevron Inc. (CVX) indicates a strong potential for an upward trend. Investors should watch for key levels and patterns highlighted in the daily and 4-hour charts. This analysis provides critical insights to make well-informed investment decisions.