$CVX | Explosive Bounce from Demand Zone — Eyes on $6 Next?
$CVX has staged a textbook reversal, fueled by strong momentum:
Structure broke decisively above $3.85
Price surged from the $2.28 demand zone to a recent high near $4.83
Currently facing resistance at a local weak high, but the uptrend still has fuel
Liquidity targets lie above $6.06 — a clear magnet for price
A higher timeframe Fair Value Gap remains unfilled, suggesting further upside potential
Technical Snapshot:
The long-standing downtrend was broken with conviction
Strong buying pressure entered after equal lows (EQLs) were swept
As long as $3.85 holds as support, the bullish outlook remains intact
📌 Key Zones:
Support: $3.85 / $3.00
Resistance: $4.83 (near-term), then $5.50 and $6.06 (macro target)
With DeFi showing renewed strength, might be positioning itself as a front-runner in the next sector-wide rally.