Buy Candidate
Buy Score Rank #671 out of #5176
Wed 26'th Jul 2017

PERIOD COVERED
2017-04-27 - 2017-07-26
CHANGE
0.38%
PRICE
$7.97
VOLUME
Sell
TREND
Hold

MV LONG
Buy

MV SHORT
Buy

PIVOT
Buy

MACD
Buy

BOLLINGER
Buy
Request Prediction
0.00%

Cenovus Energy Inc Stock Analysis

Technical stock analysis for Wed 26'th Jul 2017

Buy candidate since 2017-07-24 Gain 6.69%

Cenovus Energy Inc gained 0.38% in the last trading day, rising from $7.94 to $7.97 , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 7 of the last 10 days and is up by 10.24% over the past 2 weeks. Volume fell in the last day by -1.06 million shares, and in total, 7.35 million shares bought and sold for approximately $58.55 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.

Trend

Cenovus Energy Inc has broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction there will be support on the roof on the current trend broken, which is $7.42, a level that may pose a second chance to hit a runner. According to fan-theory $9.22 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.

Signals

Only positive signals in the chart today. Cenovus Energy Inc holds buy signals from both short- and long-term moving averages. In addition, 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 $7.66 and $7.51. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday July 21, 2017, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.

Relative Strength Index (RSI)

The stock holds a RSI14 at 79 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.

Support & Resistance

Cenovus Energy Inc finds support from accumulated volume at . On the upside the stock meets some resistance just above today's level from accumulated volume at $8.25, $9.21 and $8.58.

The stock is about to test the resistance from accumulated volume at $8.25 and this may cause the stock to take a minor break or get into a more sideways move for a few days.

Support: $7.94 Price: $7.97 Resistance: $8.25
S: $7.94 Price: $7.97 R: $8.25

Risk

This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.28 (3.54%) between high and low. For the last week, the stock has had a daily average volatility of 3.69%.

The stock is extremely overbought on RSI14 (79). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stoploss: $7.71 (-3.31%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from pivot bottom found 3 days ago.)

Overall risk:

Very Low Low Medium High Very High

Overall risk:

           

Evaluation

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Strong Buy Candidate to a Buy Candidate.

Buy Candidate

Buy CVE Shares
Your capital is at risk.

Learn To Identify Profitable Stock Chart Patterns.

FREE 7-Day Training

Learn To Identify Profitable Stock Chart Patterns.

FREE 7-Day Training
Help StockInvest improve by answering this short survey clicking HERE.

Build Your Watchlist

Add CVE My Watchlist

Recommended
books of the week

Last donation

Do you find our website useful too?
Help us improve by making a small donation or
Get PRO features

Sign up to get FREE access to awesome features

Auto-portfolios that gain up to 30%

Request predictions from other users

Watchlist builder with notifications

News updates from 100+ financial publications

START FREE 5-DAY TRIAL
START FREE 5-DAY TRIAL