Chevron (CVX) — Technical Analysis
By:TradingView
Chevron (CVX) — Technical Analysis
Trend
The structure is bullish. Price is moving inside a rising channel formed by two ascending trendlines, showing strong momentum since the start of 2026. The market has produced a sequence of higher highs and higher lows, confirming a continuation trend.
The lower red trendline acts as dynamic support, while the upper trendline defines the acceleration of the bullish move.
Key Support Levels
191.20 – Immediate support and recent breakout level
Lower ascending trendline – Dynamic support maintaining the uptrend
188–189 zone – Short-term structural support
As long as price holds above 191, the bullish structure remains valid.
Resistance Levels
194.75 – First resistance
198.29 – Major resistance and upper target zone
Price is currently consolidating below this resistance cluster.
Bullish Scenario
If price holds above the 191 support:
Break above 194.75 → continuation toward 198.29
Break above 198.29 → extension toward 200+
This would confirm continuation of the bullish channel.
Bearish / Correction Scenario
If price fails to hold 191:
A retracement toward 188 → 184 becomes possible.
A break below the lower trendline would indicate momentum weakening and could trigger a deeper correction toward 180.
Conclusion
Chevron remains in a strong bullish structure supported by an ascending channel. The key technical focus is 191 as support and 198 as the next major resistance. A confirmed breakout above 198 would likely trigger the next bullish leg toward 200+.
Trend
The structure is bullish. Price is moving inside a rising channel formed by two ascending trendlines, showing strong momentum since the start of 2026. The market has produced a sequence of higher highs and higher lows, confirming a continuation trend.
The lower red trendline acts as dynamic support, while the upper trendline defines the acceleration of the bullish move.
Key Support Levels
191.20 – Immediate support and recent breakout level
Lower ascending trendline – Dynamic support maintaining the uptrend
188–189 zone – Short-term structural support
As long as price holds above 191, the bullish structure remains valid.
Resistance Levels
194.75 – First resistance
198.29 – Major resistance and upper target zone
Price is currently consolidating below this resistance cluster.
Bullish Scenario
If price holds above the 191 support:
Break above 194.75 → continuation toward 198.29
Break above 198.29 → extension toward 200+
This would confirm continuation of the bullish channel.
Bearish / Correction Scenario
If price fails to hold 191:
A retracement toward 188 → 184 becomes possible.
A break below the lower trendline would indicate momentum weakening and could trigger a deeper correction toward 180.
Conclusion
Chevron remains in a strong bullish structure supported by an ascending channel. The key technical focus is 191 as support and 198 as the next major resistance. A confirmed breakout above 198 would likely trigger the next bullish leg toward 200+.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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