Chevron Corporation shares (NYSE:CVX) are ranging in the long-term and trading upwards in the short-term. The market survived a flash crash that happened in the middle of this month and has become bullish in the short-term.
The ADX period 14 is around the level 20 (low momentum), while the DM- remains above the DM+ (the effect of the recent flash crash). The MACD default parameters has its signal lines and histogram converging against each other, around the zero line.
The long-term range is still in place and this will end anytime from now, when volatility will rise and a breakout will occur, most probably driving price northwards. There would have been a Bullish Confirmation Pattern in the market by then (ADX DM+ will be above its DM-, and MACD histogram and signal lines will be above its zero line).
Therefore when a breakout does occur, it would be in favor of bulls and CVX can reach the supply zones at 120.00, 140.00 and 160.00 before the end of this year.
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