CVX Technical Analysis: Buyers Planning A Double Bottom Breakout

CVX prices action shows a recovery reversal from the $3.40 mark teasing a bullish breakout of the double bottom pattern in the daily chart. Key technical points: The CVX market price has increased by 10.60% over the past 24 hours. The price action warns of a higher price rejection in the last two daily candles. The 24-hour trading volume of Convex Finance is $35.75 Million, indicating a rise of 50%. Past Performance of CVX CVX price action shows a long-coming downtrend in a resistance trendline accounting for a downfall of 72% in the last month. However, the 20% jump yesterday teases a double bottom pattern formation with a neckline at the $5.45 mark in the daily chart. Source- Tradingview CVX Technical Analysis The CVX price jump comes with a significant rise in trading volume, increasing the likelihood of a bullish pattern formation. Hence, traders expecting a bullish rally above the $5.45 mark must wait for the pattern breakout. The MACD and the signal lines display an upward trend that reaches the zero line, but the shrinking spreads suggest an upcoming crossover to return to the opposing alignment. Thus, the indicator reveals an underlying decline in bullishness. The RSI indicator indicates the slope is recovering after dropping to the oversold boundary with the support of the 14-day SMA. Therefore, the technical indicators go against each other. Additionally, the bullish divergence in the double bottom pattern is evident...