Chevron Corp.: outside bar pattern, watch volumes

An outside bar pattern has been drawn on Chevron Corp. daily chart. Watch volumes before entries long o short positions.

On the 07/07/2016 Chevron Corp. close was at 103.05 (-1.46%). Yesterday trading session was characterized by a gap up at the open and a selling pressure at close. Marked a series of 3 consecutive higher lows and an outside bar pattern. New bearish technical picture has been drawn on daily chart (open > high1, close < close1) which, however, needs to be confirmed considered the strong upward main trend. Slightly positive the value of Momentum indicator. Watch volumes before entries long o short positions. Chevron Corp.  outside bar volumes

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 102.97). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 07/07/2016.

Performance: 7 trading days= +1.40% – 15 trading days= +1.96% – 30 trading days= +1.26%

Resistance levels: R1= 104.65 – R2= 106.26 – R3= 109.12
Pivot Point: 103.40
Support levels: S1= 101.79 – S2= 100.54 – S3= 97.68


Buying opportunity above 103.68, targets minor resistance at 104.96 and perhaps as far as strong resistance at 105.85, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 108.03.

Selling opportunity elow 102.79, targets minor support at 101.52 and perhaps as far as strong support at 100.62, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 98.40.