Cenovus Energy Technical Analysis (NYSE:CVE)
Technical analysis is based on the study of past price and volume movements of a security with the help of technical stock charts or trading charts. The CVE stock chart pattern can give those who understand technical analysis an indication of which way CVE stock is headed, but cannot predict with 100% certainty as to what can happen to the Cenovus Energy stock price.
See Cenovus Energy bollinger bands, SMA - 200 day moving average, 50 day moving average and exponential moving averages. The technical analysis form of Cenovus Energy stock analysis tries to understand the market by studying the stock market trend itself as opposed to other aspects like the company's fundamentals.
Cenovus Energy Moving Average
Moving averages help predict the price direction of CVE stock based on certain triggers, but with a lag, and form building blocks for other technical indicators like the MACD and bollinger bands. The 20 day moving average of $9.34 is below the last closing price of $9.6 and the 50 day moving average of $8.45 is below the last closing price of $9.6. The 10 and 20 day periods can predict short term moving average trends.
Cenovus Energy Bollinger Bands
Bollinger bands comprise of a center line usually CVE SMA, and two CVE stock price bands above and below it. The stock is considered overbought when the price starts moving closer towards the upper band, and is considered oversold as stock price moves closer towards the lower band. Currently the stock price of $9.6 is in the upper range of Cenovus Energy bollinger bands.
Cenovus Energy Moving Average Convergence Divergence or MACD
The moving average convergence divergence or MACD is a technical indicator which helps assess the stock price trend. Traders usually wait for a confirmed crossover signal before entering into a trading position. Divergence implies that the current stock price trend could come to an end, when the stock price diverges from MACD. The Cenovus Energy MACD indicator is below 0 indicating a bearish trend.
Cenovus Energy 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 CVE stock goes above 70 it could indicate an overbought condition, and if it goes below 30 it could signal an oversold position.