Could Canadian Natural Resources Breakout Be a Gusher?

 | Nov 03, 2017 | 5:25 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:


Canadian Natural Resources (CNQ) broke out on the upside today. Prices had failed to break above the $34-$35 area a number of times, but this time was the charm. Let's review the latest charts and indicators to see how high prices might rally.

In this daily bar chart of CNQ, below, we can see there were at least three rallies that failed in the $34-$35 area -- in December, April and September. Today we are clearly trading above that ceiling and above the rising 50-day and 200-day moving average lines. The On-Balance-Volume (OBV) leads the way on the upside as it has risen steadily from early June. The OBV line has made new highs recently to confirm the breakout. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in a bullish mode.

In this weekly chart of CNQ, above, we can see prices are above the rising 40-week moving average line. The weekly OBV line is bullish, as is the rising MACD oscillator.

In this Point and Figure chart of CNQ, below, we can see the breakout at $34.61 and a first upside price target of $42.81.

Bottom line: The charts are bullish. The indicators are bullish. I would go long CNQ at the market risking below $33 and looking for gains to the mid-$40s.

Columnist Conversations

$3.2 billion is a pretty penny for PepsiCo (PEP) to pay for SodaStream (SODA) . The company better hope peop...



News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.