Chevron broke down first, now Shell is following. On March 13, 2023, both Chevron and Shell gave bearish sell signals on the daily charts.
Chevron is in a more mature downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... and broke down before Shell.
Shell stock has just begun a breakdown with a break below its 50 day moving average and a break of the support wall of its uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u....
Oil prices and energy stock prices are being impacted by the market turbulence caused by Silicon Valley Bank’s demise.
The outlook for energy demand is dimmed by worries that the financial system could destabilize and hinder economic growth. SVB collapsed at the end of last week as a result of the Federal Reserve’s aggressive campaign of interest-rate increases over the previous year.
Oil prices along with equities fell as the collapse of SVB raised fears of a fresh financial crisis.
