#CVX Price is moving within a descending channel on a one-hour timeframe and has reached the lower bound. It is now poised for a rebound and is expected to retest this level.
The Relative Strength Index (RSI) indicates a downtrend, which is likely to continue due to overbought conditions.
There is a major support area in green at 1.71, and the price has bounced from this area several times, making it a strong support level.
The price is heading towards the 100-period moving average, which we are approaching. This trend supports a bullish movement.
Entry price: 1.77
Target 1: 1.80
Target 2: 1.83
Target 3: 1.87
You can take profit at the first and second targets and close the position, or keep pushing towards the third target.
Stop loss: at the green resistance area.
Remember this simple rule: money management.
Do you have any questions? Please leave a comment.
Thank you.
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