CNQ Price Prediction Next Week
Technical Analysis
CNQ's stock has shown a bearish trend in recent trading sessions, with the price declining from $31.57 to $29.97, representing a -2.47% drop in the latest session . The stock is currently testing support levels around $30.
News Sentiment Analysis Recent news indicates significant bearish sentiment:
- Heavy put volume activity with a Put/Call Ratio of 2.31, suggesting bearish positioning by options traders
- Raymond James maintained a Hold rating with a price target of C$51.00
Price Prediction for Next Week Based on technical indicators and news sentiment:
Target Prices:
- Resistance: $31.50
- Support: $29.50
- Expected Range: $29.50 - $30.75
The stock is likely to remain under pressure next week due to:
- Bearish options activity suggesting institutional positioning for downside
- Technical weakness shown in recent price action
- Current price trading below key moving averages
Trading Recommendation SELL with target price of $29.50
Rationale:
- Bearish momentum indicated by increasing put volume
- Technical indicators showing weakness
- Recent asset swap transaction with Shell may create short-term uncertainty
Entry: Current price ($29.97) Stop Loss: $31.00 First Target: $29.50 Second Target: $29.00
CNQ Similar Chart Price Prediction
The price of CNQ is predicted to go up 9.54%, based on the high correlation periods with MFH. The similarity of these two price pattern on the periods is 92.97%.
CNQ
MFH
Up: 9.54%Similarity: 92.97%
