Chevron (CVX) stock has been making a huge sideways trading pattern the past 12 months. The shares have been testing the highs of June but can the rally keep going? Let's check out a few charts.
In the daily bar chart of CVX, below, we can see that the shares have shown fresh strength since the end of October. Prices rallied above the 50-day and 200-day moving average lines and now the slopes of both of these averages are positive.
The On-Balance-Volume (OBV) line has moved up from late December but has yet to break its June peak. The Moving Average Convergence Divergence (MACD) oscillator turned up from the zero line for an outright go long message.