$CVX Posts Explosive Rally – Is the Top In or Just a Pause Before More Gains?
CVX is currently trading at $4.610, up over 18% in the last 24 hours, following a strong breakout move. Price reached a high of $4.981 before pulling back, indicating potential exhaustion or healthy consolidation. Traders should watch for support defense or a continuation breakout from here.
Key Levels to Watch
• Resistance: $4.835 – A break above could reignite bullish momentum toward $4.950 and $5.100
• Support: $4.580 – If this level fails, CVX could pull back to $4.460 and $4.300
Trade Setup
Bullish Scenario
• Entry trigger: Break and close above $4.835
• Target 1: $4.950
• Target 2: $5.100
Bearish Scenario
• Entry trigger: Breakdown below $4.580
• Target 1: $4.460
• Target 2: $4.300
CVX has delivered strong gains, but short-term consolidation may be necessary. A break from this range with volume will likely determine the next directional leg. Traders should remain flexible and ready to act.