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SmarTrend Watching for Potential Pullback in Shares of Canadian Natural Resources After 3.35% Gain
Mar 07, 2013 (SmarTrend(R) News Watch via COMTEX) --
Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $29.73 to a high of $31.65. Yesterday, the shares gained 3.3%, which took the trading range above the 3-day high of $31.14 on volume of 4.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of Canadian Natural Resources on December 24th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.13. Since that recommendation, shares of Canadian Natural Resources have risen 3.6%. We continue to monitor CNQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
In the past 52 weeks, Canadian Natural Resources share prices have been bracketed by a low of $25.01 and a high of $36.74 and are now at $31.20, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup
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