CNQ indicating it's ready to move higher!
Updated
* Great earnings with acceleration
* On the longer time frames, it's mostly sideways but has started a new up trend
* High relative strength in the Energy sector
* Broke out of a ~4 month basing pattern before making the leg higher.
* Consolidated in a tight range of 3.77% before breaking out again
* Maximum probable ROI for this trade would be around 26.70%
Trade Idea:
* Now's the perfect time to get in as the price is still close to the broken range
* Broke out with very high volume (178.08% of the consolidation average)
* This can also be considered a Pocket Pivot breakout; indicating institutional interest
* On the longer time frames, it's mostly sideways but has started a new up trend
* High relative strength in the Energy sector
* Broke out of a ~4 month basing pattern before making the leg higher.
* Consolidated in a tight range of 3.77% before breaking out again
* Maximum probable ROI for this trade would be around 26.70%
Trade Idea:
* Now's the perfect time to get in as the price is still close to the broken range
* Broke out with very high volume (178.08% of the consolidation average)
* This can also be considered a Pocket Pivot breakout; indicating institutional interest
Trade closed: stop reached
Energy sector's taking a hit right now... This could see further downside.$37.19 is now support
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.