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After Yesterday's Rally of 3.05% Shares Could Potentially Pullback

By James Quinn

Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $29.03 to a high of $29.66. Yesterday, the shares gained 3.0%, which took the trading range above the 3-day high of $29.65 on volume of 1.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Canadian Natural Resources has traded in a range of $14.60 to $33.50 and is now at $29.52, 102% above that low. The 200-day and 50-day moving averages have moved 0.30% higher and 2.41% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Canadian Natural Resources. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Canadian Natural Resources in search of a potential trend change.

Keywords: rebounders canadian natural resources

Ticker(s): CNQ