CVE - Cenovus Energy Inc Tue 24'th Jan 2017
Stock analysis for Tue 24'th Jan 2017 (Updated daily)
Buy candidate since 2017-01-24
Cenovus Energy Inc Stock Analysis
Cenovus Energy Inc gained 0.78% in the last trading day, rising from USD 14.09 to USD 14.20. The price has been going up and down for this period, and there has been a -5.14% loss for the last 2 weeks. Volume also increased in the last day along with the price, which is a positive technical sign, and, in total, 0.61 million more shares were traded than the day before. In total, 2.79 million shares bought and sold for approximately USD 39.65 million.
Cenovus Energy Inc lies in the lower part of a wide and weak rising trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at USD 14.10 will firstly indicate a slower raising rate, but may also be a early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.3% during the next 3 months and, with 90% probability hold a price between USD 14.56 and USD 16.74 at the end of this period.
Cenovus Energy Inc holds sales signals from both short- and long-term moving averages. In addition, there is a general sales 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 USD 14.53 and USD 15.22. A break-up above any of these levels will issue buy signals. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Monday January 23, 2017, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
The stock currently holds a RSI14 at 29 and is oversold on RSI14. The stock being oversold is no guarantee for instant reaction up as some stocks may be oversold for a long time. It is important to review the previous RSI-history to get an indication of the RSI-sensitiveness.
Support & Resistance
Cenovus Energy Inc finds support from accumulated volume at USD 14.11, USD 14.09, and USD 14.04. On the upside the stock meets some resistance from accumulated volume at USD 15.46, USD 15.52 and USD 15.97.
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 USD 0.29 (2.07%) between high and low. For the last week, the stock has had a daily average volatility of 2.48%.
Cenovus Energy Inc is oversold on RSI14 (29). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stoploss: USD 13.78 (-2.96%) ( criteria: risk and closeness to support from trendline.)
Several of the signals/indicators are negative, and we believe this will hoave some effect on the development for the next days and possible weeks. However, for the entire period will still think today's level holds possible buying-opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Buy Candidate.