What Next for Canadian Natural Resources Limited After Today’s Gap Down?

 What Next for Canadian Natural Resources Limited After Today's Gap Down?

The stock of Canadian Natural Resources Limited (TSE:CNQ) gapped down by $0.06 today and has $40.42 target or 7.00% below today’s $43.46 share price. The 6 months technical chart setup indicates high risk for the $47.88 billion company. The gap down was reported on Nov, 25 by Barchart.com. If the $40.42 price target is reached, the company will be worth $3.35B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 727,424 shares traded hands. Canadian Natural Resources Limited (TSE:CNQ) has risen 13.69% since April 21, 2016 and is uptrending. It has outperformed by 8.28% the S&P500.

Canadian Natural Resources Limited (TSE:CNQ) Ratings Coverage

Out of 7 analysts covering Canadian Natural Resources Limited (TSE:CNQ), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. Canadian Natural Resources Limited has been the topic of 26 analyst reports since August 22, 2015 according to StockzIntelligence Inc. Scotia Capital maintained the stock with “Outperform” rating in Friday, November 4 report. As per Monday, November 9, the company rating was downgraded by FirstEnergy Capital. On Tuesday, June 28 the stock rating was maintained by Desjardins Securities with “”. Raymond James maintained Canadian Natural Resources Limited (TSE:CNQ) on Monday, June 6 with “” rating. RBC Capital Markets maintained Canadian Natural Resources Limited (TSE:CNQ) on Monday, October 17 with “Top Pick” rating. The stock of Canadian Natural Resources Limited (TSE:CNQ) earned “Neutral” rating by JP Morgan on Wednesday, August 26. The stock of Canadian Natural Resources Limited (TSE:CNQ) has “Top Pick” rating given on Monday, August 29 by RBC Capital Markets. RBC Capital Markets maintained it with “Outperform” rating and $35 target price in Monday, January 25 report.

More news for Canadian Natural Resources Limited (TSE:CNQ) were recently published by: Business.Financialpost.com, which released: “Canadian Natural Resources Ltd makes itself OPEC-proof by raising dividend …” on November 03, 2016. Fool.ca‘s article titled: “Canadian Natural Resources Limited Goes to War With TransCanada Corporation” and published on November 05, 2016 is yet another important article.

Canadian Natural Resources Limited is an independent natural gas and crude oil exploration, development and production company. The company has a market cap of $47.88 billion. The Firm is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids . It currently has negative earnings. The Company’s exploration and production activities are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea and Cote d’Ivoire, Gabon, and South Africa in Offshore Africa.

CNQ.TO Company Profile

Canadian Natural Resources Limited, incorporated on January 6, 1985, is an independent natural gas and crude oil exploration, development and production company. The Firm is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids (NGLs). The Company’s exploration and production activities are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea and Cote d’Ivoire, Gabon, and South Africa in Offshore Africa. The Horizon Oil Sands Mining and Upgrading segment (Horizon) produces synthetic crude oil through bitumen mining and upgrading operations. Within Western Canada, the Company maintains certain midstream activities that include pipeline operations, an electricity co-generation system and an investment in the North West Redwater Partnership (Redwater Partnership), a general partnership formed in the Province of Alberta.

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