Canadian Natural Resources (CNQ) chart

Tentative breakout  on the daily candlestick chart
Daily candlestick chart for Canadian Natural Resources with volume, MACD, and OBV.

CNQ:TSX 3-Month 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.

View the Home Page for current charts.

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