CVX Technical Analysis: 50-SMA Opposes Trendline Breakout Rally

CVX price shows a trendline breakout rally struggling to surpass the 50 SMA resulting in a consolidation range above the $5.45 mark. Key technical points: CVX prices have jumped by 8.70% in the last 24 hours. The trendline breakout rally sustains above $5.45 despite the opposing 50-SMA. The 24-hour trading volume of Convex Finance is $10 Million, indicating a drop of 12%. Past Performance of CVX The CVX price Action shows a double-bottom breakout rally surpassing the long-coming resistance trendline. Additionally, the bull run jumps above the $5.45 resistance level. But the breakout rally took a lateral shift after facing opposition from the 50 SMA. However, this might come as a retest of the double bottom breakout which may shortly lead to a post-retest reversal and exceed the 50 SMA. Source- Tradingview CVX Technical Analysis The CVX price Chart shows a drastic decrease in the trading volume after the breakout candle adding points to the post-retest reversal theory. Hence, traders can expect the 50 SMA breakout as a lucrative entry point to ride the trend with the potential of a 40% price jump. The DM indicator shows a crossover event where the DI airlines regain the bullish alignment and gradually increase the spread. Moreover, the index line shows a bullish turnaround, with the crossover indicating an increase in the underlying trend momentum. The RSI indicator shows a remarkable increase in the underlying bullishness as i...