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Shares of Canadian Natural Resources Under Pressure, Down 1.7%

Published on Thu, 01/31/2013 - 11:23
By Adrienne Chilton

Down 1.7% to $30.55, Canadian Natural Resources (NYSE:CNQ), is one of today's notable movers. The S&P is trading fractionally lower to 1,501 and the Dow is trading fractionally higher to 13,918.

Canadian Natural Resources (NYSE:CNQ) has potential upside of 26.6% based on a current price of $30.55 and analysts' consensus price target of $38.68. The stock should discover initial support at its 200-day moving average (MA) of $29.68 and subsequent support at its 50-day MA of $29.08.

In the past 52 weeks, Canadian Natural Resources share prices have been bracketed by a low of $25.01 and a high of $41.38 and are now at $30.55, 22% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

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.

By Adrienne Chilton
achilton@fnno.com