Canadian Natural Resources Technical Analysis (NYSE:CNQ)
Technical analysis relies on the belief that future price movements of a stock can be forecasted through the study of historical market data and technical charts. When a chart pattern that can predict future Canadian Natural Resources stock price movements is formed, the CNQ stock chart can become a key tool for a technical analyst.
See Canadian Natural Resources bollinger bands, SMA (200 day moving average, 50 day moving average) and exponential moving averages. Technical analysis uses an approach for Canadian Natural Resources stock analysis that does not care for the fair "value" of a company but uses price and volume data only.
Canadian Natural Resources Moving Average:
CNQ stock price movements can be forecasted by using triggers based on moving averages, which are also some of the simplest technical indicators. The way the averages are calculated in each of the 2 popular cases, that is SMA and EMA varies, however the interpretation of Canadian Natural Resources chart patterns after the calculations remain the same. The 100 day moving average of 30.37 is below the last closing price of 32.78. A rise in trend over the long term indicates a long term uptrend. Similarly a falling CNQ moving average implies that Canadian Natural Resources stock price is falling.
Canadian Natural Resources Bollinger Bands:
Bollinger bands consist of two price bands above and below a center line for any company stock like Canadian Natural Resources. The tightening of bands is considered by most traders to be a precursor to sudden increase in volatility. Currently the stock price of $32.78 is in the lower range of Canadian Natural Resources bollinger bands.
Canadian Natural Resources Moving Average Convergence Divergence or MACD:
The moving average convergence divergence or MACD is a technical indicator which helps gauge the stock price trend, as the indicator is useful in understanding the strength, direction and momentum of the stock price. The Canadian Natural Resources MACD indicator is above 0 indicating a bullish trend.
Canadian Natural Resources Relative Strength Index:
This technical indicator compares the relative strength or weakness of a stock. It measures the magnitude of rise or fall in stock price movements . If the RSI of CNQ stock goes above 70 it could indicate an overbought condition, and if it goes below 30 it could signal an oversold position. .