Thu 18'th Jan 2018
Cenovus Energy Inc Stock Analysis
Technical stock analysis for Thu 18'th Jan 2018
|Shorts||4.67% ( 2017-12-29 )|
|Cash||6 317.2 mill|
|Loans||15 092.0 mill|
Cenovus Energy Inc lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.98% during the next 3 months and, with 90% probability hold a price between $8.07 and $10.80 at the end of this period.
Cenovus Energy Inc holds a sales 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. On further gains, the stock will meet resistance from the short-term moving average at approximately $10.62. On a fall, the stock will find some support from the long-term average at approximately $9.59. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Thursday January 11, 2018, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Relative Strength Index (RSI)
The stock holds a RSI14 at 73 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 $10.12. On the upside the stock meets some resistance just above today's level from accumulated volume at $10.66, $10.94 and $11.26.
The stock is about to test the resistance from accumulated volume at $10.66 and this may cause the stock to take a minor break or get into a more sideways move for a few days.
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 $0.23 between high and low, or 2.16%. For the last week, the stock has had a daily average volatility of 3.67%.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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Cenovus Energy Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Sell Candidate.
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