Alright, fam, let's kick back and eyeball CVX. Zooming out, this one's had quite the journey since early October. We saw it chilling around the $4 mark, then BAM! A pretty aggressive dump took us below $3 in a hurry.
What's interesting there is that massive green spike in the OI-Weighted as price was crashing. Someone was either getting super aggressive with shorts or some brave souls were trying to catch a falling knife. Either way, volume and open interest clearly picked up big time during that initial volatility.
After that wild ride, it was a steady bleed down through most of November. We saw a lot of those red OI-Weighted bars, which tells you folks weren't exactly rushing to open long positions or were closing out existing ones as the price kept grinding lower. It settled into a consolidation phase, pretty much hugging the $1.70-$2 range for a good chunk of December.
Now, as we ease into January, there's a whisper of something. The price is trying to poke its head above that $1.90-$2 line, and we've seen a couple of green sparks on the OI-Weighted. Nothing crazy, but it suggests perhaps a little bit of interest is bubbling up again. Is CVX finally finding its floor and gathering some new eyes? Definitely one to keep on the watchlist if it starts showing more conviction out of this range. Could be an interesting setup brewing.