I added to my CNQ in the morning.
I think it wants to test the monthly trendline in the 34.50 range. Then it could take a break for a few weeks/months, and respond to what the macro data is doing then.
Keep in mind it pays dividends so the chart isn't even adjusted for that, actually much better total returns over time than this chart would suggest.
It is such a strong company fundamentally that when it reaches the target, I think I will keep the shares and sell covered calls against it to manage risk.
On the daily it almost put in a bullish engulfing today:
The buyers are here and it will take a lot of effort to bring this stock (and the energy sector) back down, as long as the Fed is monetizing the US deficit.
I think it wants to test the monthly trendline in the 34.50 range. Then it could take a break for a few weeks/months, and respond to what the macro data is doing then.
Keep in mind it pays dividends so the chart isn't even adjusted for that, actually much better total returns over time than this chart would suggest.
It is such a strong company fundamentally that when it reaches the target, I think I will keep the shares and sell covered calls against it to manage risk.
On the daily it almost put in a bullish engulfing today:
The buyers are here and it will take a lot of effort to bring this stock (and the energy sector) back down, as long as the Fed is monetizing the US deficit.