Chevron driven lower by pivotal resistance - Analysis - 30-01-2023
Chevron's stock (CVX) fell in the intraday levels after the energy giant missed fourth-quarter profits estimates, while earnings beat expectations, with the stock tumbling 4.44% in the last session, or 8.34 points, settling at 179.45, with trading volumes surpassing 19.6 million shares, above 10-day averages of 9.6 million shares.
Technically, the stock fell after the pivotal resistance of 188.44 held on, with negative signals from the RSI after reaching overbought levels, with the stock gathering momentum to pierce that resistance, amid the dominance of the main upward medium-term trend, with positive support from the 50-day SMA.
Therefore we expect the stock to return higher, targeting the resistance of 213.00, provided the resistance of 188.44 was breached.
Expected trend for today: Bullish
Midday update for Brent oil 30-01-2023
Brent oil price shows some additional bearish bias to approach 85.10 support line, which represents one of the sideways range’s lines that dominates the intraday trades besides 88.20 resistance, to keep the sideways scenario valid until confirming surpassing one of these levels followed by detecting the next targets.
Note that the details of the expected targets after the breach are explained in our morning issued report.
The expected trading range for today is between 84.50 support and 88.00 resistance.
The expected trend for today: Sideways
Midday update for Crude oil 30-01-2023
Crude oil price continues to fluctuate at the sideways range’s support line at 78.95, and we still suggest the domination of the sideways move until breaking this support or breaching 81.60 resistance to detect the next destination clearly, noting that the technical indicators still contradicted.
To review the expected targets after the breach, please check our morning report.
The expected trading range for today is between 77.60 support and 81.20 resistance.
The expected trend for today: Sideways
Midday update for Silver 30-01-2023
Silver price continues to fluctuate around the EMA50, waiting to breach 23.80 to confirm the continuation of the expected bullish wave for today, which targets 24.55 as a next station, taking into consideration that breaking 23.55 will force the price to decline towards 23.05 before any new attempt to rise.
The expected trading range for today is between 23.30 support and 24.15 resistance.
The expected trend for today: Bullish