Currently we are inside a wedge on the verge of breaking out. I believe demand for gas will rise and with these Technicals of having a gap fill opportunity and a wedge. Moreover, we can see volume start to rise with the SMI have a really sharp crossover. we will have to keep an eye on how next week opens through.
The entire sector of energy has taken a beating over the last while and much of the sector remains incredibly undervalued; P/Bs in many cases are well below 1.5.
In 2020 one of my top performing sector picks will be Canadian energy stocks, much moreso even than American energy stocks. The sector in Canada will be set to rebound from increasing oil prices and an...
CNQ is between two major weekly supply (@ 44.55) and demand (@ 39.82) zones. Considering the trend is down, any relief rallies can be sold until price reaches weekly demand.
At the moment, the weekly downtrend has paused and moved into a ranging environment.
Zones of Interest:
Supply: 45.56 & 47.14