In this daily bar chart of CVX, below, we can see that prices worked lower from May to the end of December. Prices have been testing overhead resistance from November and early December around $112-$120 for much of this month.
CVX has been testing the underside of the flat to slightly declining 50-day moving average line. A close above $116, or roughly the halfway point of the resistance zone, will improve the chart and increase the odds of a rally.
The daily On-Balance-Volume (OBV) line has improved from its December low but it needs further gains to impress.
The Moving Average Convergence Divergence (MACD) oscillator is poised to move above the zero line for an outright go long signal.
In this weekly bar chart of CVX, below, we can see two trends. First an uptrend to an early 2018 zenith. Another trend can be seen and that is a sideways trend the past 18-months or so - bounded by $100 on the downside and the $130-$135 area above.
The 40-week moving average line is flat and the weekly OBV line is flat too.
The MACD oscillator is about to cross to the upside for a cover shorts buy signal.
In this Point and Figure chart of CVX, below, we have bullish and bearish clues.
A decline to $100 would be a new low for the move down and there is a downside price target of $81.
On the upside a rally to $124 will be bullish.
Bottom line strategy: If the U.S. dollar declines further we should see the price of crude oil go up. If the price of crude goes up we should see the price of CVX go higher.