Chevron is clearly indicating a classic Symmetrical Continuation Triangle pattern and I have followed up the indication with MCAD to build confidence in my decision to understand probable direction of stock.

Chevron stock peaked at 118.77 on Dec 23, 2016 after a strong rally from Sept 17, 2017 from 97.84 a run up of 21.5% in 3 months. Since then the stock has been in a downtrend with Mar 09, 2017 closing of 110.04 losing about 7.40%. The trend shows a Classic Symmetrical Continuation Triangle pattern foreshadowing indecision with lower lows and lower highs with dwindling volume as shown in MCAD pattern also. MCAD had already crossed below its average on Dec 23, 2016 even though it was way above Zero and rapidly came down crossing Zero on Feb 02, 2017 while still trailing below its average.

MCAD tried to cross over its average since then but unsuccessfully with price moving down on most trading days. It crossed its average on Mar 01, 2017 with price moving above its average but still well below Zero line. The price movement does not show to have strength and there are no signs of reversal as yet indicating a weak momentum on low volumes.

As on Mar 09, 2017 MCAD is well below Zero and seems to cross below its average in the next couple of sessions indicating a further downward price movement. Even though on Mar 09, 2017 the stock closed higher than opening of 109.31 it closed below the lower band of Moving Average Envelope. For most days between Dec 23, 2016 and Mar 09, 2017 the stock moved most below this lower band.

My assessment at this point is that the stock price would move lower and there is a good chance for it to touch at 108 and 105 in coming days. Based on Fibonacci Retracements. My decision at this point is to not buy the stock and short it till there are clear indications of reversal in its price.