Look for Shares of Canadian Natural Resources to Potentially Rebound after Yesterday's 4.79% Sell Off
Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $29.97 to a high of $31.20. Yesterday, the shares fell 4.8%, which took the trading range below the 3-day low of $31.09 on volume of 1.2 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
In the past 52 weeks, Canadian Natural Resources share prices have been bracketed by a low of $14.60 and a high of $33.50 and are now at $30.11, 106% above that low price. The 200-day and 50-day moving averages have moved 0.30% higher and 2.41% higher over the past week, respectively.
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 5.1%. We continue to monitor CNQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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