#CVX - Descending triangle breakout alertBreakout alert descending triangle on CVX.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The stock is listed on the New York Stock Exchange.
CVX price formed an almost one year-long reversal pattern as descending triangle, with the lower boundary as strong support at 108.90 levels. The horizontal boundary has been tested several times during the chart pattern formation until its breakout.
In addition, we must bear in mind 3 relevant factors on the technical structure of the stock:
1.- Double top at 133.85 levels, without a higher high.
2.- Breakdown the trendline since 2015
3.- Breakdown the trendline since 1974
So that:
- A daily close below 105.63, confirms the breakout of the chart pattern.
- The possible price target of the reversal chart pattern is at 87.33 levels.
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Note: Entry and exit prices are provided only as reference according to the principles of the classical charting. Each trader must take his own decisions depending on their own strategy and tactics. These levels do not indicate the specific entry and exit price, these levels only suggest a possible technical structure change.
