CVX Technical Analysis: Retracement To Trendline Brings A Dip To Buy

The bearish retracement from $7.75 teases a fall to the support trendline which could propel CVX prices higher to the $9 mark. Key technical points: The CVX prices jumped by 2.33% in the last 24 hours. The bull run takes a step back from the 100-day SMA. The 24-hour trading volume of Convex Finance is $21.91 Million, indicating a rise of 11.75%. Past Performance of CVX The price trend of CVX was enclosed within the resistance trendline and was able to fuel the downtrend by leveraging the 50-day SMA. The bullish reversal from $3.21 with a double bottom pattern ends this bearish trend and breaks the resistance trendline and the opposing SMA. Buyers accomplished their goal by creating a bullish engulfing candle with an increase of 111% in the last three weeks. Source- Tradingview CVX Technical Analysis CVX price chart shows the daily candle struggling to surpass the $7.75 mark and is retracing to hit the support trendline. Additionally, the higher price rejection could indicate a drop of 10%. So, traders can anticipate the price to fall and slow down over the week. The RSI indicator indicates an upswing in fundamental optimism as the slope sustains in the nearly overbought zone. Additionally, the MACD indicator shows slow and fast lines that maintain the bullish trend but with little to no spread. Nonetheless, the technical indicators show a bullish phase in motion and encourage the possibility of an uptrend with the help of the ...