CVX is on the Move

September 6th

Good afternoon folks! We are going to focus on another default strategy today, this time looking at a new breakout signal. Let’s get to it!

CVX Buy Signal

The Breakout Strategy is looking for CVX to head into the $115 zone.

OmniTrader 2017 Breakout 

CVX was upgraded today by UBS while also having its price target increased. All of that is great news, but we see even more support for a breakout in the technical data. First of all, it is way above all of the major moving averages, putting it in a bullish mode. Secondly, it rolled through resistance at $111 with ease as volume surged. Its relative momentum is on the rise and things look good technically for CVX.

One thing to think about though is potential shut downs of rigs due to Hurricane Irma, which is barreling towards Florida as I type. That could cause some issues similar to what we saw with Hurrican Harvey, but otherwise, we could see CVX back in the $115 zone if all goes well.

The products and demonstrations listed on this website are not recommendations to buy or sell, but rather guidelines to interpreting their respective analysis methods. This information should only be used by investors who are aware of the risks inherent in trading. Nirvana Systems shall have no liability for any investment decisions based on the use of their software, any trading strategies or any information provided through other services such as seminars, webinars, or content included in the SignalWatch website.

 

About the Author

Ryan has been with Nirvana since 2012 and has been manning the trading desk since Day 1. He was one of the founding members of Nirvana's Trading Lab and also TraderSource.com along with Ryan Olson and Russell Casperson. Ryan logged more than 3,500 hours trading and educating live in the Lab. He is also the lead author of SignalWatch.com. Ryan is a seasoned educator and has conducted numerous educational webinars and is an OmniTrader University instructor. Ryan prefers swing trading and position trading. Outside of the market, Ryan has passions for the outdoors, baseball, exercise, coffee, pop-culture and spending time with his family.

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