chevron breaking out of a 3 year 3 month consildation range
On 5/19/2008 chevron put in a key swing high ( resistance level) at 104.63. Shortly after the swing high Chevron Sold off and found support. After the bounce of support the market got very choppy and on the close of the weekly candle stick of 10/18/2010. Price of the close of the candle stick was 84.55. Then market started to break out to reach the swing high of 104.63.
Now I want to quickly point out that it took from 10/18/2010-3/21/11 which is a little over four months for the market to reach the swing high. That range of 84.55 to 104.63 is 20.08 cents.
After the market reached the 104.63 price level on 3/21/11, it took until 5/20/13 for chevron to go up another 20.08.
Also not that it has stayed in a 23 dollar range for the time period between 3/21/11 to 6/9/14 ( depending if this week candle stick closes above 127.91) That range lasted 3 years and almost 3 months of consolidation.
If the market can close above the 127.91 support level, look for the market to either pull back and bounce off of the 127.91 support level or the market may have enough momentum to not see a pull back and shoot up 20 dollars.
Now I want to quickly point out that it took from 10/18/2010-3/21/11 which is a little over four months for the market to reach the swing high. That range of 84.55 to 104.63 is 20.08 cents.
After the market reached the 104.63 price level on 3/21/11, it took until 5/20/13 for chevron to go up another 20.08.
Also not that it has stayed in a 23 dollar range for the time period between 3/21/11 to 6/9/14 ( depending if this week candle stick closes above 127.91) That range lasted 3 years and almost 3 months of consolidation.
If the market can close above the 127.91 support level, look for the market to either pull back and bounce off of the 127.91 support level or the market may have enough momentum to not see a pull back and shoot up 20 dollars.