Chevron Wave Analysis – 19 March, 2020

• Chevron approached support level 50.00
• Likely to fall to 40.00

Chevron has been falling sharply in the last few trading sessions after the earlier breakout of the major support level 70.00 (which previously started the weekly uptrend in 2015).

The price is currently trading close to the next powerful support level 50.00.

If the price breaks below the support level 50.00 – Chevron is then likely to fall to the next strong support level 40.00 (target price for the termination of the active impulse wave (3)).