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).

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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