Chevron Corporation: The move up in the last couple of sessions seems to be a corrective pullback. The RSI is now at the bearish extreme zone, the candles are forming bearish patterns. The prices have also closed below the KS & TS lines. The trend down is expected to continue. A close below 115.5 will confirm the trend.
1) Dow Jones Industrial Average is still above its 50 week EMA.
2) It has formed a double top with a bearish divergence on RSI and Stochastic oscillator.
3) An ascending triangle formation is possible is the lower trendline is not violated.
Short below the red line for a 1000 point downmove.
Go long above the green for a 1000 point upmove.
In today's age of advanced technical drawings and analysis. I have decided to stick to the absolute basics. Will keep posting such charts for reference.