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SmarTrend Watching for Potential Rebound in Shares of Canadian Natural Resources After 2.62% Loss

By Shiri Gupta

Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $28.89 to a high of $29.44. Yesterday, the shares fell 2.6%, which took the trading range below the 3-day low of $29.50 on volume of 1.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Canadian Natural Resources has traded in a range of $14.60 to $35.28 and is now at $28.95, 98% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has risen 0.3%.

SmarTrend is tracking the current trend status for Canadian Natural Resources and will alert subscribers who have CNQ in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders canadian natural resources

Ticker(s): CNQ