Chevron (CVX): Double-Bottom on Daily Chart - Resistance Ahead?

We just recently posted here that CVX had plunged down to a long-term weekly support line and oversold conditions.

Now today's price action appears to have confirmed a double-bottom pattern on the daily chart as shown below.  

Will CVX continue to rally and if so how far? 

We will have to wait and see, but as the chart below also shows CVX will encounter some possible resistance relatively quickly at the former support line of the falling channel that gave way recently.

click chart to enlarge

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The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

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

Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)