Sat. Apr 20th, 2024

Canadian Natural Resources Limited (CNQ:NYSE) is carving itself a HUGE top formation. Check out the 8 year monthly candle chart. A recent bounce off the breakdown line (support) at 26. A monthly candle close below that will give a target of 7. Notice the alert I put at the 15 mark. That is a possible WALL due to previous important support at that level. An exit would be considered there.

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Here is the 5 year weekly candle chart. The lines are being drawn. Maybe another bounce off the upper descending trend line? My alerts are set for either case.

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Zoom in on the daily candle 1 year chart. Price action right now in no man’s land. Patience required.

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So it’s way to early to play CNQ. Just watch this graph develop over time and see what happens. I’ll move on to other charts for now.