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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