Cenovus Energy Inc. Stock Forecast
Green day on Monday for Cenovus Energy Inc.
(Updated on Apr 22, 2024)
The Cenovus Energy Inc. stock price gained 0.87% on the last trading day (Monday, 22nd Apr 2024), rising from $28.69 to $28.94. During the last trading day the stock fluctuated 2.90% from a day low at $28.32 to a day high of $29.14. The price has risen in 6 of the last 10 days but is still down by -0.69% for this period. Volume fell on the last day by -1 million shares and in total, 3 million shares were bought and sold for approximately $100.83 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 41.34% during the next 3 months and, with a 90% probability hold a price between $39.89 and $43.78 at the end of this 3-month period.
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CVE.TO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -2.92%. 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). The Cenovus Energy Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $28.62 and $26.85. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Cenovus Energy Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $25.18 and $24.19. 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 Energy Inc. finds support just below today's level at $25.18. If this is broken, then the next support from accumulated volume will be at $24.19 and $21.78.
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 $0.82 between high and low, or 2.90%. For the last week, the stock has had daily average volatility of 2.70%.
Our recommended stop-loss: $27.81 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (CVE.TO) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Cenovus Energy Inc. to open at $28.80, and during the day (based on 14 day Average True Range), to move between $28.31 and $29.57, which gives a possible trading interval of +/-$0.627 (+/-2.17%) up or down from last closing price. If Cenovus Energy Inc. takes out the full calculated possible swing range there will be an estimated 4.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29.05 (0.38%) than the support at $25.18 (12.99%), 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.
Earnings coming up
Cenovus Energy Inc. will release earnings BMO on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.480. We will update the financials statements for Cenovus Energy Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.28% in the first trading day after earnings release.
Is Cenovus Energy Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Cenovus Energy Inc. stock to perform well in the short-term.
Current score: 2.114 Buy Candidate Unchanged
Predicted Opening Price for Cenovus Energy Inc. of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $28.80 ( 0.484%) | $28.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVE.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 29.62 | 2.35 % | |
| R2 | 29.31 | 1.27 % | ||
| R1 | 29.11 | 0.599 % | ||
| Current price: | 28.94 | |||
| Support | S1 | 28.49 | -1.57 % | |
| S2 | 28.29 | -2.23 % | ||
| S3 | 27.98 | -3.32 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 29.81 | 3.01 % | |
| R2 | 29.14 | 0.691 % | ||
| R1 | 29.05 | 0.380 % | ||
| Current price | 28.94 | |||
| Support | S1 | 25.18 | -12.99% | |
| S2 | 24.19 | -16.41% | ||
| S3 | 21.78 | -24.74% |
CVE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.140 | 0.517% |
| 2 | Nov 02, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.140 | 0.634% |
| 3 | Jul 27, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.140 | 0.495% |
| 4 | Jun 14, 2023 | Jun 14, 2023 | Jun 30, 2023 | $0.140 | 0.622% |
| 5 | Mar 14, 2023 | Mar 14, 2023 | Mar 31, 2023 | $0.105 | 0.445% |
FAQ
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