CANADIAN NATURAL RESOURCES (NYSE:CNQ) has been identified as a potential breakout candidate by our technical screening process. The stock shows a combination of solid technical health and a high-quality setup pattern, making it worth a closer look for traders.
Technical Strength
Technical Rating of 7: CNQ scores above average, indicating a positive short-term trend despite a neutral long-term outlook. The stock has been gaining traction among traders.
Relative Strength: Over the past year, CNQ has outperformed 46% of the market, with recent momentum improving.
Moving Averages: The stock is trading above its 20-day, 50-day, and 100-day moving averages, reinforcing short-term bullishness.
Setup Quality
Setup Rating of 9: CNQ is consolidating within a defined range, presenting a clear breakout opportunity.
Support & Resistance: A key support zone exists between $30.20 and $31.10, while resistance sits at $31.59 to $32.74. A breakout above $32.75 could signal further upside.
Recent Signal: A pocket pivot—a bullish volume pattern—was recently observed, adding confidence to the setup.