CENOVUS ENERGY INC (CVE) Stock Technical Analysis
NYSE:CVE - New York Stock Exchange, Inc. - CA15135U1093 - Common Stock - Currency: USD
We assign a technical rating of 5 out of 10 to CVE. In the past year, CVE was a below average performing stock in the market. The medium term picture is also negative, but we see some improvement happening in recent action.
CVE has only a medium technical rating, but it does show a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 14.84. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 14.61, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CVE in the last couple of days, which is a good sign.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
More info and screens
12.84
When analyzing the support we can see 3 important areas.
- Support @14.61 from a trend line in the daily time frame.
- A support zone ranging from 13.85 to 14.24. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 12.97 to 13.17. This zone is formed by a combination of multiple trend lines in multiple time frames.
When analyzing the resistance we notice 2 important areas.
- A resistance zone ranging from 14.84 to 14.84. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Resistance @15.67 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 | NEUTRAL | NEUTRAL | The long term trend for CVE is neutral. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for CVE is up. |
| ChartMill Relative Strength | 33.1 | NEUTRAL | CVE is not amongst the best or worst performers 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) | DOWN | MIXED | The current price of CVE is above a declining SMA(200). |
| Relative Strength Index/RSI (14) | 60.66 | NEUTRAL | The RSI value for CVE is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.03 | POSITIVE | The MACD value suggests CVE has a positive trend. |
| Stochastics (14,3) | 75.39 | NEUTRAL | The Stochastics value for CVE is a neutral value. |
| Average True Range in percent/ATR (20) | 2.69 | MEDIUM VOLATILITY | The ATR as a percentage value for CVE suggests some volalility. |
| Average Directional Index/ADX (14) | 17.46 | NEGATIVE | The low ADX value for CVE suggests a weak or negative trend. |
14.66
+0.29 (+2.02%)