CENOVUS ENERGY INC (CVE) Stock Technical Analysis
USA - New York Stock Exchange - NYSE:CVE - CA15135U1093 - Common Stock
We assign a technical rating of 7 out of 10 to CVE. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CVE is only an average performer.
Besides having an excellent technical rating, CVE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 17.37, a Stop Loss order could be placed below this zone.
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16.40
2 important support areas can be observed.
- A support zone ranging from 17.11 to 17.37. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 16.57 to 16.80. This zone is formed by a combination of multiple trend lines in multiple time frames.
We can see 2 important resistance areas.
- A resistance zone ranging from 17.95 to 18.13. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Resistance @18.52 from a horizontal line in the daily time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for CVE is up. |
| ChartMill Short Term Trend Indicator | NEUTRAL | NEUTRAL | The short term trend for CVE is neutral. |
| ChartMill Relative Strength | 74.57 | POSITIVE | CVE has a high relative strength, it outperformed 74.57% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of CVE is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of CVE is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of CVE is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 53.94 | NEUTRAL | The RSI value for CVE is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.05 | NEGATIVE | The MACD value suggests CVE has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 40 | NEUTRAL | The Stochastics value for CVE is a neutral value. |
| Average True Range in percent/ATR (20) | 2.95 | MEDIUM VOLATILITY | The ATR as a percentage value for CVE suggests some volalility. |
| Average Directional Index/ADX (14) | 20.1 | NEUTRAL | The ADX value for CVE suggests a possible start of a new trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 18.14 | 17.10 | 1.04 (5.73%) | 17.44% |
| An entry @18.14. This is a Buy Stop order right above the resistance zone. | An exit @17.10. This is a Stop Loss order right below the support zone. | The worst case loss on the trade is limited to 1.04 points, which is 5.73%. | When investing 17.44% of your capital in this trade, your total portfolio risk will be 1.00%. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
17.86
+0.3 (+1.71%)
CENOVUS ENERGY INC / CVE FAQ
What is the technical rating for CVE stock?
ChartMill assigns a technical rating of 7 / 10 to CVE.
What is the trend direction for CVE stock?
The current trend direction for CENOVUS ENERGY INC (CVE) is Bullish.
Can you provide the RSI signal for CENOVUS ENERGY INC?
CENOVUS ENERGY INC (CVE) has an RSI value of 53.9384. This indicates that the stock is currently neutral.
Can you provide the short term momentum for CENOVUS ENERGY INC?
The short term momentum for CENOVUS ENERGY INC (CVE) is neutral.
What are the support and resistance levels for CENOVUS ENERGY INC (CVE) stock?
CENOVUS ENERGY INC (CVE) has a support level at 17.37 and a resistance level at 17.95. Check the full technical report for our detailed analysis of CVE support and resistance levels.