$CVX False Breakout or Healthy Retest?
CVX surged above $4.10 but quickly faced rejection near $4.20, now retracing back to retest the breakout zone near $4.00. This pullback could either be a setup for another leg higher or the start of a deeper dip.
Key Levels to Watch
Resistance:
• $4.10 – Intraday rejection zone
• $4.20 – Local top and breakout threshold
Support:
• $4.00 – Breakout retest zone
• $3.90 – Previous consolidation floor
Potential Moves
• Bullish Case: Holding $4.00 could confirm a successful retest, with a bounce toward $4.20+ likely.
• Bearish Case: Losing $3.90 may trigger a
deeper correction into $3.80–3.75 range.
Volume tapering off — bulls need strong demand near $4.00 to regain momentum.