Look for Shares of Canadian Natural Resources to Potentially Pullback after Yesterday's 5.38% Rise
Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $25.46 to a high of $26.69. Yesterday, the shares gained 5.4%, which took the trading range above the 3-day high of $26.23 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Canadian Natural Resources have traded between a low of $14.60 and a high of $34.46 and are now at $26.52, which is 82% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 2.2%.
SmarTrend recommended that subscribers consider buying shares of Canadian Natural Resources on March 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.84. Since that recommendation, shares of Canadian Natural Resources have risen 6.1%. We continue to monitor CNQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders canadian natural resources