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Canadian Natural Resources Shares Sinking Lower, Down 1.3%

Published on Wed, 06/12/2013 - 11:28
By Robert Cotter

One of today's notable stocks in decline is Canadian Natural Resources (NYSE:CNQ), down 1.3% to $28.64. The Dow is trading fractionally higher to 15,134 and the S&P is currently trading fractionally higher to 1,628.

Canadian Natural Resources has overhead space with shares priced $28.64, or 23.9% below the average consensus analyst price target of $37.63. The stock should find initial resistance at its 50-day moving average (MA) of $29.85 and further resistance at its 200-day MA of $30.21.

Canadian Natural Resources Ltd. acquires, explores for, develops, and produces natural gas, crude oil, and related products. The Company operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan. Canadian Natural also operates in areas which have access for exploration activities and where pipeline systems already exist.

In the past 52 weeks, Canadian Natural Resources share prices have been bracketed by a low of $25.01 and a high of $35.12 and are now at $28.64, 15% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

By Robert Cotter
rcotter@fnno.com