After a strong impulse down Chevron is in what appears to be a corrective structure.
We will be waiting for a break out of the lower trend line. Once that happens we will watching on lower time frames for a retest and rejection before taking the short position. The targets would be 55, 30 & 15 which are previous strong support levels.
If the rally breaks up and out of the 110 level then this trade will be invalid.
We will be waiting for a break out of the lower trend line. Once that happens we will watching on lower time frames for a retest and rejection before taking the short position. The targets would be 55, 30 & 15 which are previous strong support levels.
If the rally breaks up and out of the 110 level then this trade will be invalid.
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