#CVX
The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is trending towards a bounce. A retest of this boundary is expected.
The Relative Strength Index (RSI) indicates a downward trend, and this trend is likely to continue due to the overbought condition.
There is a key support zone in green at 1.68, and the price has bounced off this zone several times, making it a strong support level.
The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.
Entry Price: 1.73
Target 1: 1.76
Target 2: 1.80
Target 3: 1.86
Stop Loss: At the resistance zone in green
Remember this simple rule: Money management.
Any questions, please leave a comment.
Thank you.
