How the price action of Canadian Natural ($CNQ) is used to our Advantage
May 13, 2023, 12:30 pm ET, BY Patrick- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for CNQ
- Buy CNQ slightly over 49.15 target 56.19 stop loss @ 49.01 Details
The technical summary data tells us to buy CNQ near 49.15 with an upside target of 56.19. This data also tells us to set a stop loss @ 49.01 to protect against excessive loss in case the stock begins to move against the trade. 49.15 is the first level of support below 55.49 , and by rule, any test of support is a buy signal. In this case, support 49.15 would be being tested, so a buy signal would exist.
- Short CNQ slightly under 56.19, target 49.15, stop loss @ 56.35 Details
The technical summary data is suggesting a short of CNQ as it gets near 56.19 with a downside target of 49.15. We should have a stop loss in place at 56.35though. 56.19 is the first level of resistance above 55.49, and by rule, any test of resistance is a short signal. In this case, if resistance 56.19 is being tested, so a short signal would exist.
Swing Trading Plans for CNQ
- Buy CNQ slightly over 56.19, target 57.10, Stop Loss @ 56.03 Details
If 56.19 begins to break higher, the technical summary data tells us to buy CNQ just slightly over 56.19, with an upside target of 57.10. The data also tells us to set a stop loss @ 56.03 in case the stock turns against the trade. 56.19 is the first level of resistance above 55.49, and by rule, any break above resistance is a buy signal. In this case, 56.19, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short CNQ slightly near 56.19, target 54.17, Stop Loss @ 56.35. Details
The technical summary data is suggesting a short of CNQ if it tests 56.19 with a downside target of 54.17. We should have a stop loss in place at 56.35 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 56.19, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Day Trading Plans for CNQ
- Buy CNQ slightly over 56.19, target 56.66, Stop Loss @ 56.06 Details
If 56.19 begins to break higher, the technical summary data tells us to buy CNQ just slightly over 56.19, with an upside target of 56.66. The data also tells us to set a stop loss @ 56.06 in case the stock turns against the trade. 56.19 is the first level of resistance above 55.49, and by rule, any break above resistance is a buy signal. In this case, 56.19, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short CNQ slightly near 56.19, target 55.27, Stop Loss @ 56.32. Details
The technical summary data is suggesting a short of CNQ if it tests 56.19 with a downside target of 55.27. We should have a stop loss in place at 56.32 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 56.19, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Check the time stamp on this data. Updated AI-Generated Signals for Canadian Natural (CNQ) available here: CNQ.
CNQ Ratings for May 13:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Neutral |
Weak |
Neutral |
| P1 |
0 |
0 |
49.15 |
| P2 |
55.27 |
54.17 |
56.19 |
| P3 |
56.66 |
57.10 |
63.15 |
AI Generated Signals for CNQ
Blue = Current Price
Red= Resistance
Green = Support
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Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Canadian Natural (NYSE: CNQ) data table below can help you with price action, and we have more details too. Trading plans for CNQ are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for CNQ:
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