May 12 Chart of the Day - Chevron
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Chevron (CVX) lives and dies by the barrel — and with oil prices bouncing around like a tariff war yo-yo, it’s no wonder their stock chart looks like it’s had one too many espressos.
But here’s the thing: Chevron’s reported breakeven hovers around $30 a barrel — and with crude trading well north of that, the math isn’t hard.
Barring any geopolitical gut punches, the energy giant looks primed to keep the cash flowing and the dividend crowd grinning… at least until the next OPEC surprise.
Let’s take a price action technical analysis look the chart to see where price could be heading next.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 500+ Charts of the Day and provide FREE Price Action Trading education to traders who join our highly rated Trade Room.
Monthly Chart
On the monthly chart, price tagged an all-time high at $189.68 back in 2021 before easing down and consolidating into what some would describe as a bull flag looking channel.
One thing for sure, $133.88 seemingly is a line in the sand support level (previously resistance) that price has agreed with multiple times.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
On the weekly chart, we can see with much more clarity the long consolidation pattern and price bouncing off support.
A bull flag pattern is a bullish continuation pattern that forms after a strong upward price movement (the “flagpole”), followed by a period of consolidation that slopes slightly downward or sideways (the “flag”).
It reflects a pause in momentum before the next potential leg higher.
Only time will tell for sure what price will do next...
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
We’ve combined advanced Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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