Categories: Technical analysis

Chevron Wave Analysis – 16 June, 2020

• Chevron reversed from multi-month support level 88.75
• Likely to rise 103.00

Chevron recently reversed up from the strong, multi-month support level 88.75 (former resistance from April, which has been reversing the price from May).

The support area near the support level 88.75 is strengthened by the lower daily Bollinger Band.

Chevron is likely to rise further toward the next round resistance level 103.00 (top of the previous impulse (i) and t

he target price for the completion of the active impulse wave (iii)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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