CVX stock price hits last all-time high, will the price pull back or continue heading towards the $200 mark?

  • CVX’s stock price on Monday, November 7 is an all-time high at $186.38.
  • The Unrest Index is experiencing lower levels showing a strong directional trend.
  • Now the $200 mark has become the next target for the bulls.

Chevron Corporation is an American energy multinational. This year’s soaring energy prices have rewarded investors in Exxon Mobil and Chevron, both of which have consistently outperformed major indexes. According to the technical price chart of the CVX stock price, there is no negative view of the assets as long as the buyers maintain a certain key level.

Over the past year, the NYSE:CVX stock price has performed admirably. Buyers are constantly pushing digital assets higher, and after hitting a new all-time high, bulls have the opportunity to make a strong uptrend. Investors are celebrating the latest all-time high, which was set on Monday, November 7 at $186.38.

According to the trend-based Fibonacci extension, the $200 mark appears as the next target for the bulls. The 0.236 level acts as a key support level if the price faces a correction phase. Without a doubt, the NYSE:CVX stock price has been dominated by the bulls for the past 18 months. Right now, the price is drawing the third strong bullish candle on the weekly chart. Moreover, the lapping index observes in the lower levels, showing a strong directional trend.

Chevron’s market capitalization was reported at US$363.32 billion in Monday’s letter. Investors are accumulating digital assets above all vital 20, 50, 100 and 200 moving averages on the daily charts.

The daily RSI indicator remains at 73, heading towards the overbought zone. Additionally, the MACD continues to rise, but the histogram shows slightly weak strength in the CVX stock price.

Conclusion

Chevron Corporation-CVX stock price has been steadily rising for the past four weeks. On Monday, the bulls hit the latest all-time high. Although the CVX price recorded an all-time high, the RSI indicator is yet to enter the overbought zone. This bullish divergence prompts buyers to invest more.

Support level – $165 and $140

Resistance level – $186 and $200

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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Karen J. Nelson