Parm

Canadian Natural Resource Ltd(USA)(NYSE:CNQ) Setting Up For Fall

NYSE:CNQ   CANADIAN NATURAL RESOURCES LTD
43 0 0
The price of crude oil             has been in a downtrend now for about 3 months. With this decline, oil             stocks such as Canadian Natural Resource             Ltd (USA) (NYSE:CNQ) have also come down in price. In fact, this equity has fallen roughly 13% from its peak back on July 1. However, the thing that really interests me is the pattern that is being formed on the daily chart . It is a head and shoulders pattern, which could see this stock fall all the way down to $33.75 area. While that would be a tremendous return, the most interesting aspect of this trade is the risk reward. Canadian Natural Resource             Ltd (USA) (NYSE:CNQ) is hovering right around the neck line, so any close above the line and we stop out for a $0.50 loss. Compare that to a drop of almost $7.00 and you have yourself an amazing return for very minimal risk. Trade set ups like this one are what separates the profitable pro's from the money losing amateurs. So ask yourself which one do you want to be?

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Parm Mann
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