Technical analysis

Chevron Wave Analysis 5 May, 2021

• Chevron broke sideways price range

• Likely to rise to resistance level 112.35

Chevron recently broke the key resistance level 107.00 (which is the upper boundary of the sideways price range inside which the price has been trading from the end of March).

The breakout of the resistance level 107.00 accelerated the active impulse waves 5 and (C).

Chevron is likely to rise further toward the next resistance level 112.35 (top of the previous impulse wave 3  from the start of March).

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