📉$CVX Consolidation After Sharp Drop | Bearish-to-Neutral Setup
CVX is trading around $1.93, showing short-term weakness after a strong sell-off, but signs of base formation and accumulation are visible.
🔹 Market Structure
CVX formed a lower high → lower low structure, confirming a bearish trend.
Price bounced strongly from $1.44 support, creating a temporary higher low, suggesting short-term consolidation.
Current structure: Range-bound with bearish bias.
🔹 Key Levels
Support Zones:
$1.88 – $1.85 (minor support)
$1.44 – $1.50 (major demand zone)
Resistance Zones:
$2.00 – $2.05 (key breakout zone)
$2.30 – $2.32 (major supply zone)
🔹 Volume Analysis
Selling pressure remains dominant, but whale accumulation is visible, which may reduce downside risk.
Volume is cooling down, indicating possible consolidation before next move.
🔹 Technical Outlook
Below major EMAs → trend still bearish
Holding above $1.88 → bullish rebound possible
Break above $2.05 → trend reversal confirmation
Lose $1.85 → possible retest of $1.50 zone
📌 Summary
CVX is currently in a consolidation phase after heavy selling. While short-term trend remains bearish, accumulation + base formation could lead to a bullish recovery if price reclaims $2.05.