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AI Analysis of CVE
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Cenovus stock downgraded from Strong Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 11, 2024)

Buy or Hold candidate since Mar 05, 2024 Gain 20.24% PDF

The Cenovus stock price fell by -3.26% on the last day (Thursday, 11th Apr 2024) from $21.80 to $21.09. During the last trading day the stock fluctuated 4.31% from a day low at $21.00 to a day high of $21.90. The price has risen in 9 of the last 10 days and is up by 6.3% over the past 2 weeks. Volume has increased on the last day by 10 million 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, 18 million shares were bought and sold for approximately $388.75 million.

The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 41.02% during the next 3 months and, with a 90% probability hold a price between $28.29 and $30.89 at the end of this 3-month period.

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CVE Signals & Forecast

The Cenovus stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $21.34. On a fall, the stock will find some support from the long-term average at approximately $19.09. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -3.26%. Further fall is indicated until a new bottom pivot has been found. 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 Cenovus stock

On the downside, the stock finds support just below today's level from accumulated volume at $17.92 and $17.46. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cenovus finds support just below today's level at $17.92. If this is broken, then the next support from accumulated volume will be at $17.46 and $16.22.

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 $0.90 between high and low, or 4.31%. For the last week, the stock has had daily average volatility of 2.28%.

Our recommended stop-loss: $20.31 (-3.70%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (CVE) For The Upcoming Trading Day Of Monday 15th

For the upcoming trading day on Monday, 15th we expect Cenovus Energy Inc to open at $21.33, and during the day (based on 14 day Average True Range), to move between $20.68 and $21.50, which gives a possible trading interval of +/-$0.415 (+/-1.97%) up or down from last closing price. If Cenovus Energy Inc takes out the full calculated possible swing range there will be an estimated 3.93% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $21.11 (0.09%) than the support at $17.92 (15.03%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Cenovus Energy Inc stock A Buy?

Cenovus holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Current score: -0.440 Hold/Accumulate Downgraded

Predicted Opening Price for Cenovus Energy Inc of Monday, April 15, 2024

Fair opening price April 15, 2024 Current price
$21.33 ( 1.13%) $21.09

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for CVE

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 22.23 5.42 %
R2 21.89 3.78 %
R1 21.67 2.77 %
Current price: 21.09
Support S1 20.98 -0.509 %
S2 20.77 -1.52 %
S3 20.42 -3.16 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 21.80 3.37 %
R2 21.45 1.71 %
R1 21.11 0.0948 %
Current price 21.09
Support S1 17.92 -15.03%
S2 17.46 -17.21%
S3 16.22 -23.09%

CVE Dividend Payout History


# Declaration Date Ex-Date Pay Date Amount Yield
1 Feb 15, 2024 Mar 14, 2024 Mar 28, 2024 $0.104 0.520%
2 Nov 02, 2023 Dec 14, 2023 Dec 29, 2023 $0.100 0.601%
3 Jul 27, 2023 Sep 14, 2023 Sep 29, 2023 $0.106 0.509%
4 Apr 26, 2023 Jun 14, 2023 Jun 30, 2023 $0.105 0.618%
5 Feb 16, 2023 Mar 14, 2023 Mar 31, 2023 $0.0760 0.435%

FAQ

What is the symbol for Cenovus Stock and on which exchange is it traded?
The symbol for Cenovus is CVE and it is traded on the NYSE (New York Stock Exchange).

Should I buy or sell Cenovus Stock?
Cenovus holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

How to buy Cenovus Stock?
Cenovus Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Cenovus Stock.

What's the current price of Cenovus Stock?
As of the end of day on the 2024-04-11, the price of an Cenovus (CVE) share was $21.09.

What is the 52-week high and low for Cenovus Stock?
The 52-week high for Cenovus Stock is $21.90 and the 52-week low is $14.69.

What is the market capitalization of Cenovus Stock?
As of the 2024-04-11, the market capitalization of Cenovus is 39.216B.

When is the next earnings date for Cenovus?
The upcoming earnings date for Cenovus is Apr 24, 2024.
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About Cenovus Energy Inc

Cenovus Cenovus Energy Inc., together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan. This segments Foster Cree... CVE Profile

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