CVX price shows remarkable gains on Saturday as the price jumped more than 10%. CVX tested one-month highs above $28.0. However, the price retraced modestly as buyers took a breather near the higher levels. But the underlying current is bullish as indicated by various technical indicators.
- CVX’s price smashed above $28.0 on Saturday with more than 10% gains.
- Bulls seek the next upside target at $35.0 amid sustained buying momentum.
- The momentum oscillators turn favorable for aggressive traders.
CVX price locks gains
CVX price sits comfortably above the vital 50-day EMA (Exponential Moving Average) at $22.98. The price flipped the critical support-turned-resistance level around $27.0. In addition to that, the CVX price completed a ‘Rounded’ bottom formation, which is a bullish reversal pattern on the daily charts.
Looking at the trading volume it can be inferred that buyers are confident or willing to carry forward the current price action.
On moving higher, the bulls will try to capture the first upside target at the psychological $30.0 level.
Furthermore, a sustained buying pressure would push the price toward the horizontal resistance level at $35.0.
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On the flip side, a spike in sell order might drag the price lower with an eye on the 50-day EMA at $22.98. A daily close below this level will accelerate the selling toward the lows of March 22 at $20.05.
As of press time, CVX/USD trades at $26.93, up 10.26% for the day. The 24-hour trading volume stands at $55,631,785 as per the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index smashed above the average line on March 14, and traded higher since then. The current reading is at 69 just near the overbought zone.
MACD: The Moving Average Convergence Divergence follows the footprint of RSI. The indicator holds above midline with a strong bullish bias.
Trading Volume: The Price Volume Trend, measures the buying or selling momentum showing an upward trend according to the rising price.
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