Chevron Redux - Price Line Test Ahead
Chevron MONTHLY Linear Scale
This 30 year price line has been breached 4 times since it's origin in 1992. Each time there has been a subsequent sharp reversal greater than 40%.
Earlier this summer there was a breach that resulted in a sharp and dramatic sell off. Thatwas a fantastic no brainer trade.
As you can see we are approaching this level again.
Short Set-up.....Wait for confirmation. I can't imagine it will be as straight forward as it was in June.
Will this pattern repeat... Does it pierce the line again or fail below it? Or..."Is it different this time"
This 30 year price line has been breached 4 times since it's origin in 1992. Each time there has been a subsequent sharp reversal greater than 40%.
Earlier this summer there was a breach that resulted in a sharp and dramatic sell off. Thatwas a fantastic no brainer trade.
As you can see we are approaching this level again.
Short Set-up.....Wait for confirmation. I can't imagine it will be as straight forward as it was in June.
Will this pattern repeat... Does it pierce the line again or fail below it? Or..."Is it different this time"
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Monthly CVX...
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