CVX Technical Analysis: Bearish Channel Breakout Preps Bull Run

CVX prices experience an early bullish reversal resulting in the falling channel breakout and preparing a potential bull run to $14. Key technical points: CVX market value deflated by 15% in the last seven days. The Bollinger bands showcase an expansion phase. The 24-hour trading volume of Convex Finance is $8.50 Million, indicating a fall of 71.09%. Past Performance of CVX With CVX sellers taking over the trend control on May 12th, the 25% recovery with the double bottom breakout was undermined with the start of a falling channel. The lower high formation led to the bearish pattern formation, which drowned the market value by 32% in a week. Finally, however, the buyer regained consciousness and broke above the resistance trendline with an early reversal near $10. Source-Tradingview CVX Technical Analysis The CVX price retests the broken trendline and shows a post-retest reversal ready to surge above $11. Moreover, the expansion of the Bollinger bands represents a rise in the underlying bullishness, which increases the $11 breakout chances. Furthermore, the midline of the Bollinger bands supported the reversal from the $10 mark adding extra points to the bullish theory. The Stochastic RSI shows the K and D lines in an uptrend, struggling to determine the upcoming trend in the neutral territory. However, the recent crossover lowers the scales into bullish territory. Hence, the CVX technical analysis displays a bullish takeover ...