$CVX breaks the horizontal pattern — Are we witnessing a breakout towards 3.80?
Currency #CVX/USDT returns to the forefront again after a strong move that broke through the sideways range, recording an increase of +4.18% and settling at $3.387, amidst technical signals supporting the continuation of positive momentum.
Quick technical analysis:
Bollinger Bands:
The price broke the mid-band (MB: 3.327) and is heading towards the upper limit, indicating the beginning of a new upward wave if 3.45$ is broken.
Moving Averages (MA5 and MA10):
A bullish crossover is about to form, reflecting a gradual shift in direction from sideways to upward.
RSI (6): 58.13
The Relative Strength Index is gradually rising and remains in the safe momentum zone, supporting the continuation of the upward trend.
MACD:
A new positive crossover looms on the horizon as the MACD line approaches crossing the signal line, which may confirm the upward movement in the coming days.
Proposed trading strategy: "Breakout with momentum confirmation"
Suggested entry area:
Upon re-testing the 3.32 – 3.36$ level, or after a clear break of the 3.45$ level with high trading volume.
Stop loss:
Below the 3.14$ level (the lowest local bottom).
Profit targets:
First target: 3.60$
Second target: 3.82$
Extended target: 4.00$ if momentum continues.
Do you think CVX is capable of breaking the 3.80$ barrier soon? Or does the market need more consolidation? Share your analysis in the comments!