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Canadian Natural Resources Crosses Below its 10-day MA (CNQ)

By David Diaz

Today, shares of Canadian Natural Resources (NYSE:CNQ) have crossed bearishly below their 10-day moving average of $32.09 on a volume of 317K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, Canadian Natural Resources has traded in a range of $14.60 to $33.50 and is now at $31.85, 118% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.4%.

SmarTrend recommended that subscribers consider buying shares of Canadian Natural Resources on May 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.08. Since that recommendation, shares of Canadian Natural Resources have risen 8.1%. We continue to monitor CNQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses canadian natural resources

Ticker(s): CNQ