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Possible Bullish Inside Day Candle Pattern Detected for Cenovus Energy (NYSE:CVE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cenovus Energy (NYSE:CVE) based on the price action in the company's shares. Today's price range of $13.41 and $13.71 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Cenovus Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cenovus Energy Inc. is an integrated oil company. The Company comprises natural gas, crude oil, and natural gas liquids reserves.

Over the past year, Cenovus Energy has traded in a range of $9.10 to $19.28 and is now at $13.70, 50% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has remained constant.

Cenovus Energy has overhead space with shares priced $13.70, or 21.0% below the average consensus analyst price target of $17.34. Cenovus Energy shares have support at the 200-day moving average (MA) of $13.63 and additional support at the 50-day MA of $13.38.

SmarTrend recommended that its subscribers protect gains by selling shares of Cenovus Energy on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $13.84. Since that call, shares of Cenovus Energy have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle cenovus energy

Ticker(s): CVE