Buy Candidate
Fri 21'st Apr 2017

VOLUME
Buy
TREND
Sell
MV LONG
Sell
MV SHORT
Sell
PIVOT
Buy
MACD
Buy
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Cenovus Energy Inc Stock Analysis

Technical stock analysis for Fri 21'st Apr 2017

Buy candidate since 2017-04-21

Cenovus Energy Inc gained 2.04% in the last trading day, rising from USD 10.28 to USD 10.49 The price has fallen in 7 of the last 10 days and is down by -7% for this period. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.11 million more shares were traded than the day before. In total, 4.09 million shares bought and sold for approximately USD 42.87 million.

Trend

Cenovus Energy Inc lies in the lower of a wide and strong falling trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at USD 10.22 will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -23.1% during the next 3 months and, with 90% probability hold a price between USD 7.86 and USD 8.99 at the end of this period.

Signals

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 10.62 and USD 11.78. 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 Thursday April 20, 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)

RSI14 is 34 and the stock is currently not being overbought or oversold

Support & Resistance

Cenovus Energy Inc finds support from accumulated volume at USD 10.34, USD 10.28. On the upside the stock meets some resistance from accumulated volume at USD 11.29, USD 11.30 and USD 10.89.

Risk

This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved USD 0.34 between high and low, or 3.34%. For the last week, the stock has had a daily average volatility of 3.51%.

Our recommended stoploss: USD 9.81 (-6.44%) (This stock has high daily movements and this gives high risk. There is a buy signal from pivot bottom found 1 days ago.)

Evaluation

The stock is within a wide and strong falling trend and holds several negative signals that may affect the stock in the short-term. However, we believe that today's you should hold a possible buying opportunity and expect the price to be higher at the end of the 3-month period. The careful investor would await further signals. We have upgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate.

Buy Candidate

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