The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is heading towards a breakout, with a retest of the upper boundary expected.
The Relative Strength Index (RSI) is showing a downward trend, approaching the lower boundary, and an upward bounce is anticipated.
There is a key support zone in green at 1.95. The price has bounced from this level several times and is expected to bounce again.
The indicator is showing a trend towards consolidation above the 100-period moving average, which we are approaching, supporting the upward move.
Entry Price: 1.98
First Target: 2.02
Second Target: 2.06
Third Target: 2.12
Stop Loss: Below the green support zone.
Don't forget one simple thing: Money Management.
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✅ Trade here on $CVX
