Cenovus Energy Inc. (CVE.TO) - August 14, 2023
Cenovus Energy Inc. (CVE.TO) is a crude oil and natural gas producer, refiner, and upgrader. CVE.TO has continued its recent gains after reporting better than expected Q2 earnings at the end of July of 33 cents beating estimates. In the last month, CVE.TO has climbed 5 positions and up 30 spots over the last quarter within the SIA S&P/TSX 60 Index Report, finishing in 16th place about to move into the Favored zone.
Cenovus Energy has traded mostly between $20 and $26 so far in 2023 in a sideways channel. It briefly crossed this level in late January of this year reaching a YTD high of $27.15. The peak from the Fall of 2022 provides the next area of resistance should CVE.TO break above this current channel at around $29. Based of the current uptrend in oil prices and a Q2 earnings beat, CVE.TO could continue this rally out of its consolidation phase towards its next resistance levels and then again at the all-time highs.
After moving through prior resistance earlier in August, the momentum has continued with Cenovus Energy (CVE.TO) now looking to challenge the next resistance level at $28.49 above. It has been trading for most of 2023 between Support at $20.35 and resistance at $26.85 (not pictured), but in light of recent moves, new support and resistance levels come into play. It has now moved into a Spread Double Top bullish chart pattern.
Support can now be found at $23.84 and below this at $22.46. To the upside, resistance can be found at $28.49, which is the high from November of 2022, and at its all-time high from June of 2022 on a dividend-adjusted point and figure chart at $30.23.
With a bullish SMAX score of 9, CVE.TO is exhibiting near-term strength against all asset classes.
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