Chevron Wave Analysis – 29 January, 2020

• Chevron reversed from powerful support area
• Likely to rise to 114.00

Chevron recently reversed up sharply from the powerful support area lying between the long-term support level 110.00 (which has been reversing the price from the start of 2019) and the lower daily Bollinger Band.

The upward reversal from this support area started the active short-term corrective wave (iv).

Chevron is likely to rise further toward the next resistance level 114.00 (former monthly low from November).