Canadian Natural Resources Stock Forecast
Canadian Natural Resources stock price ended at $74.86 on Thursday, after losing 0.120%.
(Updated on May 02, 2024)
The Canadian Natural Resources stock price fell by -0.120% on the last day (Thursday, 2nd May 2024) from $74.95 to $74.86. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.38% from a day low at $73.35 to a day high of $75.83. The price has been going up and down for this period, and there has been a -2.59% loss for the last 2 weeks. Volume has increased on the last day by 386 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $183.05 million.
Given the current short-term trend, the stock is expected to rise 29.20% during the next 3 months and, with a 90% probability hold a price between $96.72 and $113.06 at the end of this 3-month period.
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CNQ Signals & Forecast
There are few to no technical positive signals at the moment. The Canadian Natural Resources stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $76.58 and $77.00. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -9.06%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Canadian Natural Resources stock
Canadian Natural Resources finds support from accumulated volume at $73.92 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.48 between high and low, or 3.38%. For the last week, the stock has had daily average volatility of 2.14%.
Canadian Natural Resources is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNQ) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Canadian Natural Resources Limited to open at $74.68, and during the day (based on 14 day Average True Range), to move between $73.20 and $76.52, which gives a possible trading interval of +/-$1.66 (+/-2.21%) up or down from last closing price. If Canadian Natural Resources Limited takes out the full calculated possible swing range there will be an estimated 4.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $73.92 (1.26%) than the resistance at $77.39 (3.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canadian Natural Resources Limited stock A Buy?
The Canadian Natural Resources stock holds several negative signals and despite the positive trend, we believe Canadian Natural Resources will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.003 Sell Candidate Unchanged
Predicted Opening Price for Canadian Natural Resources Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $74.68 ( 0.240%) | $74.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 77.16 | 3.07 % | |
| R2 | 76.21 | 1.81 % | ||
| R1 | 75.63 | 1.03 % | ||
| Current price: | 74.86 | |||
| Support | S1 | 73.73 | -1.51 % | |
| S2 | 73.15 | -2.29 % | ||
| S3 | 72.20 | -3.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 81.62 | 9.03 % | |
| R2 | 79.23 | 5.84 % | ||
| R1 | 77.39 | 3.38 % | ||
| Current price | 74.86 | |||
| Support | S1 | 73.92 | -1.26% | |
| S2 | 72.07 | -3.73% | ||
| S3 | 59.97 | -19.89% |
CNQ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 01, 2024 | Mar 14, 2024 | Apr 05, 2024 | $0.773 | 0.95% |
| 2 | Dec 07, 2023 | Dec 07, 2023 | Dec 07, 2023 | $0 | 0% |
| 3 | Aug 02, 2023 | Sep 14, 2023 | Oct 05, 2023 | $0.674 | 1.12% |
| 4 | May 04, 2023 | Jun 15, 2023 | Oct 05, 2023 | $0.676 | 1.12% |
| 5 | Mar 02, 2023 | Mar 16, 2023 | Apr 05, 2023 | $0.654 | 1.11% |
FAQ
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