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Look for Shares of Canadian Natural Resources to Potentially Pullback after Yesterday's 6.16% Rise

By David Diaz

Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $30.14 to a high of $31.74. Yesterday, the shares gained 6.2%, which took the trading range above the 3-day high of $31.27 on volume of 4.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Canadian Natural Resources share prices have moved between a 52-week high of $35.28 and a 52-week low of $14.60 and are now trading 113% above that low price at $31.09 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Canadian Natural Resources on January 10th, 2017 by issuing a Downtrend alert when the shares were trading at $31.43. Since that call, shares of Canadian Natural Resources have fallen 7.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders canadian natural resources

Ticker(s): CNQ