Intermediate trend is down for Canadian Natural Resources
There was a bullish candlestick on July 17 but the intermediate trend is still down. There must be a confirmed breakout above the downward sloping trendline for the near-term uptrend to continue. CNQ will first meet resistance in the $28.00 to $28.50 price zone. A breakout above the trendline will see CNQ meet resistance at the June high of $29.00 and major resistance on the weekly chart in the $30.00 price zone.
Relevant articles picked from the Web:
- Canada’s biggest public energy companies — Globe — July 23, 2012
- Oil reclaims $90 level, set for 7th day of gains — MarketWatch — July 19, 2012
- Beware the value trap: Oil stocks are not as cheap as they look — Globe — July 17, 2012
- Oil near seven-week high on Iran tensions, stimulus speculation — FP — July 17, 2012
Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
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