Tentative breakout on the daily candlestick chart
The key points from the above candlestick chart are:
- Tentative breakout above $44.00
- But, the candlestick on the breakout is not a strong (tall white) candlestick.
- And, the volume was not above average on the breakout.
- And, the MACD is still negative.
- And, the OBV is still negative.
- And, the three short-term simple moving averages are all negative.
- But, there seems to be good support at $42.00
- So, invest with caution and wait for the earnings release.
Reference the website for Canadian Natural Resources to review the fundamental data.
Reference the Globe and Mail article: Canaccord boosts oil forecast, upgrades energy stocks.
View a more recent analysis for CNQ showing critical support levels.
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