CVX staged a decisive breakout above falling wedge resistance last week—a move that signals momentum is shifting back toward the bulls after weeks of corrective pressure.

The setup got interesting two weeks prior when MACD crossed above its signal line, giving us early warning that buying pressure was building beneath the surface. That momentum divergence turned out to be spot-on, preceding the actual price breakout.

Now comes the crucial part. For bulls to maintain control, they need to see follow-through buying that validates this breakout. Price confirmation above key resistance levels will be the real test of whether this shift in structure holds conviction or fizzles out. Watch the volume profile closely—weak follow-through often reverses these early breakouts just as quickly.