Technical analysis by Innotrade_AJ about Symbol CVX: Buy recommendation (8/4/2025)

Firstly, our Algo-based indicators are used to create this analysis: DON'T MISS US. FOLLOW US, COMMENT AND BOOST. This weekly chart for CVX/USDT reveals a major bullish breakout from a long-term pattern, suggesting that the asset may be in the early stages of a significant new uptrend. Analysis: Descending Channel Breakout: For over two years, CVX has been trading within a clear descending channel. Recently, the price has decisively broken out of this channel to the upside, signaling a major shift from a bearish to a bullish market structure. Pullback and Reentry: Following the initial powerful breakout, the price executed a healthy pullback. It found support right around the key 50% Fibonacci retracement level (approximately $4.262). The chart notes this area as a potential "REENTRY" point, especially with the formation of a "W-Pattern" (double bottom) on a smaller timeframe, which is a classic bullish reversal signal. Confirmation Indicators: The Innotrade MC Signal indicator at the bottom shows multiple "BUY" signals in the recent accumulation zone and the indicator line is now trending upwards, suggesting building momentum. The RSI status confirms a "Bull Trend" on the daily and weekly timeframes, supporting a long-term bullish outlook. Price Targets: Based on Fibonacci extension levels from the recent major swing, several targets are identified: TP 1: $12.243 (aligns with the 127.20% extension and a previous key resistance level). TP 2: $19.726 (aligns with the 161.80% extension). Long-Term Projection: The aggressive black line projects a potential move towards the 2022 highs, indicating massive long-term potential if the bullish momentum continues. Strategy: Position: Long (Buy) Entry: The current price level around $4.30 - $5.00 is highlighted as a strategic reentry zone following the successful pullback. Targets: The primary targets are 12.243 ∗ ∗ a n d ∗ ∗ 12.243∗∗and∗∗ 19.726. Conclusion: The breakout from a multi-year descending channel, combined with a successful retest of key support and confirming indicator signals, presents a compelling long-term bullish case for CVX. The current price level offers a strategic entry for a potential multi-hundred percent move towards the identified price targets. Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and manage risk appropriately.