Cenovus Energy (NYSE: CVE) STOCK RECOMMENDATION
Idea | BUY |
Buy Range | 20.6 – 20.9 |
Target | 22.2 – 22.5 |
StopLoss* | below 20 |
Duration | 14-15 Trading Days |
Potential Returns | 6% – 8% |
Idea | Buy Range | Target | StopLoss* | Duration | Potential Returns |
BUY | 20.6 – 20.9 | 22.2 – 22.5 | below 20 | 14-15 Trading Days | 6% – 8% |
* Once the first target hit, reset the StopLoss at your buying price.
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Cenovus Energy (NYSE: CVE) STOCK OVERVIEW
Cenovus Energy Inc., together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan. This segment assets include Foster Creek, Christina Lake, and Sunrise projects, as well as Lloydminster thermal and conventional heavy oil assets. The Conventional segment holds natural gas liquids and natural gas assets primarily located in Elmworth-Wapiti, Kaybob-Edson, Clearwater, and Rainbow Lake operating in Alberta and British Columbia, as well as interests in various natural gas processing facilities. The offshore segment engages in offshore operation, exploration, and development activities in China and the East Coast of Canada. The Canadian Refining segment owns and operates Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt, and other ancillary products, as well as Bruderheim crude-by-rail terminal and ethanol plants. The U.S. Refining segment refines crude oil to produce gasoline, diesel, jet fuel, asphalt, and other products. Cenovus Energy Inc. is headquartered in Calgary, Canada.
Stock Data | |
NYSE Symbol | CVE |
Sectoral Index | Energy and Utilities |
52 Weeks High | 21.9 |
52 Weeks Low | 14.7 |
Cenovus Energy (NYSE: CVE) - RELATIVE STRENGTH
Relative Performance - Last 1 Year
Cenovus Energy — NYSE —
Cenovus Energy (NYSE: CVE) - DAILY TECHNICAL ANALYSIS
- After a significant downfall, price formed a Double Bottom pattern.
- After the breakout, price consolidated above the breakout level and then moved upside and reached to its 52 week high at near 22 level.
- From there, the price started consolidating again and formed a bullish Pole & Flag pattern.
- With a fresh breakout, price is trying to move upside further.
Cenovus Energy (NYSE: CVE) - MACD
MACD line is about to cross the signal line from the below, generates bullish signal.
Cenovus Energy (NYSE: CVE) - EMA CROSS
The short length exponential moving average (10 EMA) is about to cross the long length exponential moving average (20 EMA) from the below, generates bullish signal. Last day’s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.
Cenovus Energy (NYSE: CVE) - OBV
The OBV line is moving in the same upward direction which means there is a positive sentiment in the market. Also the significant price up move accompanying with increasing OBV volume suggests strong buying pressure.
CONCLUSION - Cenovus Energy (NYSE: CVE) STOCK PRICE FORECAST
Based on our stock trading advice in USA, Cenovus Energy stock price target will be USD 22.2 – USD 22.5 in the next 14-15 trading sessions.