Chevron (CVX) Breaks Long-Term Rising Wedge Support on Weekly Chart

As the chart below shows, CVX broke long-term rising wedge support and also a much shorter descending triangle pattern.  

After breaking support, the price decline was relatively dramatic as it apparently triggered selling by traders.

How far will CVX fall before establishing an intermediate to long-term bottom? We don't know.  But if we were interested in owning CVX, we would be watching for positive price action associated with a support line in conjunction with oversold conditions before establishing a buy and protect position/strategy.

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Financial Disclosure:
The author/publisher has no position in oil or CVX at the time this article was written.