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Uncovering Noteworthy Technical Analysis Findings for CENOVUS ENERGY INC (NYSE:CVE).

By Mill Chart

Last update: May 8, 2024

Our stock screener has spotted CENOVUS ENERGY INC (NYSE:CVE) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:CVE.

CVE Daily chart on 2024-05-08

Zooming in on the technicals.

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to CVE. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, CVE is showing a nice and steady performance.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that CVE is one of the better performing stocks in the market, outperforming 87% of all stocks.
  • CVE is part of the Oil, Gas & Consumable Fuels industry. There are 214 other stocks in this industry. CVE outperforms 73% of them.
  • CVE is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CVE is lagging the market slightly.

For an up to date full technical analysis you can check the technical report of CVE

How do we evaluate the setup for NYSE:CVE?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:CVE currently has a 8 as setup rating:

CVE has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a support zone below the current price at 20.49, a Stop Loss order could be placed below this zone.

How to trade NYSE:CVE?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.


Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.