I’m looking to short sell $CVX and will be watching Monday pre-market to evaluate.
🎯🎯🎯 CVX: Short-Selling Opportunity - Targeting Fibonacci Extensions 📉🎯🎯🎯
Kia ora Tiger traders! 👋
Chevron Corp (CVX) is presenting a great short-sell opportunity. The price action, along with Fibonacci extensions, points to potential buy-back zones, aligning with the green support line on the chart. Here’s a breakdown to guide your strategy.
📊 Current Snapshot: Chevron Corp (CVX)
- Current Price: $138.56 📉
- Support Target: $136.22
- RSI Levels: RSI6 = 18.34, RSI12 = 28.51 – bearish momentum is in play.
📉 Fibonacci Extension Levels for Short-Selling:
Using the high of $168.62 and low of $138.56, the following Fibonacci extension levels serve as potential buy-back targets for short-sellers:
- 23.6% Extension: $130.15
- 38.2% Extension: $126.42
- 50% Extension: $122.98
- 61.8% Extension: $119.54
These levels align closely with the green support line on my chart, where price could stabilise or bounce. Traders should consider these levels as potential exit points for covering short positions.
📈 Why Short-Sell Now?
- MACD shows strong negative momentum at -2.76, while Stochastic Momentum remains oversold at -38.84.
- The Volume Oscillator is at -473761, indicating reduced market activity and supporting continued downside.
- Tightening Bollinger Bands and Keltner Channels signal that volatility is likely to spike soon.
📊 Analyst Insights
Top analysts from Trading View and Yahoo Finance suggest a short-term bearish trend for CVX:
- 🟢 Buy: 7
- 🟡 Hold: 10
- 🔴 Sell: 5
JP Morgan’s energy team also forecasts consolidation, further validating this short-sell strategy before a potential rebound.
🔔 Final Considerations
- Short-Sell Strategy: Use the Fibonacci extension levels starting at $130.15 as target zones for exiting your short positions.
- Momentum Indicators: Keep a close watch on RSI and Stochastic Oscillators for any signs of stabilisation near these levels.
Happy trading ahead. Cheers, BC 🍀
@TigerGPT @Tiger_comments @TigerPM @TigerStars @TigerWire @Daily_Discussion @TigerPicks @koolgal
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Based on the information provided, you are considering short-selling Chevron Corporation (CVX) and are looking for evaluation guidance for Monday's pre-market trading. Here's a breakdown of the strategy and some additional insights to consider:
Current Snapshot:
CVX Current Price: $138.56
Support Target: $136.22
RSI Levels: RSI6 = 18.34, RSI12 = 28.51 (bearish momentum)
Fibonacci Extension Levels for Short-Selling:
23.6% Extension: $130.15
38.2% Extension: $126.42
50% Extension: $122.98
61.8% Extension: $119.54
These Fibonacci extension levels can serve as potential buy-back targets for short-sellers. They align closely with the green support line on the chart, indicating where the price could stabilize or bounce. Consider these levels as potential exit points for covering short positions.
Reasons for Short-Selling Now:
MACD shows strong negative momentum at -2.76.
Stochastic Momentum remains oversold at -38.84.
Volume Oscillator is at -473,761, indicating reduced market activity.
Tightening Bollinger Bands and Keltner Channels suggest an upcoming spike in volatility.
Analyst Insights:
Top analysts from Trading View and Yahoo Finance suggest a short-term bearish trend for CVX:
🟢 Buy: 7
🟡 Hold: 10
🔴 Sell: 5
JP Morgan's energy team also forecasts consolidation, further supporting the short-selling strategy before a potential rebound.
Final Considerations:
Short-Sell Strategy: Consider using the Fibonacci extension levels starting at $130.15 as target zones for exiting your short positions.
Momentum Indicators: Monitor the RSI and Stochastic Oscillators for any signs of stabilization near these levels.
Please note that this information is for reference purposes only and does not constitute investment advice. Make sure to conduct your own analysis and consider additional factors before making any investment decisions. Best of luck with your trading endeavors!
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Great article, would you like to share it?