Chevron (CVX): Bullish breakout

We highlighted a long-term constructive setup for Chevron (CVX) in Straight from the Chart on January 5, 2026.

Moving into the end of January, CVX is breaking out from an April 2023-January 2026 basing pattern. Sustaining the move above 172.88-168.96, with additional support at 161.00, would keep this breakout intact with upside potential beyond the late 2022 peak at 189.68 toward the basing pattern count at 206.

Stepping back and looking at the longer-term weekly chart for CVX shows a constructive technical backdrop. CVX completed a bullish breakout from a mid 2014 to early 2022 big base, followed by a late 2022 to early 2025 correction that effectively served as a retest of that breakout. This longer-term bullish setup for CVX supports the case for upside to 198 and 216.

Improving weekly moving averages from 157 down to 152 reinforce the bullish setup for CVX.

A mid December low for CVX relative to the S&P 500 provides a "low-water mark" support for CVX.

Chart 1: Chevron (CVX) (top) and relative to the S&P 500 (bottom): Weekly chart

In addition, weekly MACD is on a bullish signal to confirm the positive setup for CVX.

Volume leads price. The weekly volume advance decline indicator has firmed up and is pushing to new highs that could confirm a 2022 into 2026 big base, while weekly on-balance-volume has already achieved a bullish breakout and retest from an early 2022 into mid 2025 big base. New highs for these volume indicators provide a leading indicator for new highs on CVX's stock price.

Chart 2: Chevron (CVX) (top), MACD (center top), volume advance decline (center bottom), and on-balance-volume (bottom): Weekly chart