Chevron (CVX) Testing Long-Term Channel Support (weekly chart) - UPDATE 1/22/16

UPDATE 1/22/16:

click chart to enlarge

CVX managed to rally hard with oil to close above long-term weekly support.




UPDATE 1/20/16:

click chart to enlarge

The week is far from over, but CVX has moved below weekly channel support on the above chart.  We shall see where CVX closes at week's end.



ORIGINAL POST:

click chart to enlarge

Crude Oil's woes affecting this big blue chip again? 

CVX managed to re-gain channel support (solid green) on the weekly chart above but then it encountered short-term resistance (dashed blue) and from there retreated back to this long-term support line. 

Also worth mentioning is that CVX is having problems moving above 50 RSI (14 week period).

Will CVX hold on this time or are lower prices ahead?

Please remember that this is not investment advice. You alone are responsible for your investment decisions. See disclaimers below and elsewhere on this website.

Not Investment Advice | Important Disclaimer: 

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.

Financial Disclosure:
The author/publisher has no position in CVX at the time this article was written. This position may change depending on future price action.

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