SIACharts Logo

Commentary >

Cdn Natural Resources Ltd - (CNQ.TO) - October 20, 2022

Oil producer Canadian Natural Resources (CNQ.TO) continues to climb back up the rankings in the SIA S&P/TSX 60 Index Report. Bouncing back from a summer slide, CNQ.TO returned to the Green Favored Zone in August. Yesterday it finished in 6th place, up 6 positions on the day and up 23 spots in the last month.

Since a mid-year selloff bottomed out in July, Canadian Natural Resources (CNQ.TO) has been on the rebound. Last month, a correction bottomed out at a higher low near $61.75, and more recently support has moved up toward $70.00.

Yesterday, CNQ.TO staged a major breakout, closing above $75.00 for the first time since June to signal the start of a new upleg. Initial upside resistance appears at the spring peak near $85.00, then $88.75 based on a measured move.

After soaring to start the year, Canadian Natural Resources (CNQ.TO) dropped back in June, but since bottoming out in July, it has increasingly been resuming its primary uptrend. Last month, a correction bottomed out at a higher low and in recent weeks the shares have been under renewed accumulation, completing bullish Double Top and Spread Double Top breakouts.

Next potential resistance appears at the shares previous peak near $83.80, followed by $88.95 where vertical and horizontal counts converge. Initial support appears near $70.10 based on a 3-box reversal.

With a bullish SMAX score of 8, CNQ.TO is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.