$CVX is currently trading inside a descending channel, which clearly shows sustained selling pressure after the recent impulse move. Price is respecting the upper and lower trendlines, making lower highs and lower lows, a classic bearish continuation structure. The recent breakdown near channel support signals weak buyer response, while small-bodied candles indicate hesitation rather than strength. As long as price remains below the mid and upper channel resistance, downside continuation remains the more favorable scenario. Waiting for pullbacks into resistance or clean breakdown confirmation helps avoid emotional entries.
Trade Setup
Entry Zone: 2.20 – 2.28
Target 1: 2.05
Target 2: 1.95
Target 3: 1.82
Stop-Loss: 2.45
Stay patient, trade what you see on the chart, and let structure guide your decisions rather than noise.
CVX
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