Chevron Wave Analysis – 11 July 2023

– Chevron reversed from support level 150.00

– Likely to rise to resistance level 160.00

Chevron rising steadily after the price reversed up from the pivotal support level 150.00, which is the lower border of the narrow sideways price range inside which the pair has been trading from May.

The upward reversal from the support level 150.00 started the active impulse wave (iii) of wave 3 of the impulse wave (1) from the start of June.

Given the strength of the support level 150.00, Chevron can be expected to rise further toward the next resistance level 160.00 (top boundary of this price range).