💎 CVX has recently broken out of a descending channel, indicating a potential shift towards bullish momentum, especially with the formation of a W pattern and the presence of CHoCH, signaling a change in character towards a bullish structure.
💎Currently, the price is approaching a resistance level. If CVX manages to break above this resistance, it could signal further bullish movement. Conversely, if there's a pullback, traders may anticipate a bounce from the bullish Order Block (OB), which also acts as a demand area.
💎However, it's essential to be cautious if CVX experiences panic selling and breaks below the bullish OB. In such a scenario, it may be prudent to avoid trading CVX until clearer market conditions emerge.