-56 Week double bottom -Daily 50SMA is crossing above the 200SMA with both pointing upwards -Contracting volume as pattern matures 40 basis points (slight increase) Am a buyer above 14.66 Will take profits just below measured move
As you can see, CVE was unable to break this key resistance line which has been in play on the daily chart. It is looking highly probable that we break down to lower lows as there was a lot of selling off once we reached that resistance point today.
Slowing downside momentum within an improving oil market and oversold natgas environment.Over $9.63 is a short term breakout on the 1 hour chart
For this setup to work, CVE will need to hold the support at $7.0 in the next few days and then rise quickly and decisively after that.
Noted a Bullish Shark completion on Cenvus Energy (CVE / CVE.TO) -Expecting a correction after double bottom or with news .. targets listed on chart