Buy Cenovus Energy | NYSE CVE | Naranj Capital

 BUY   Cenovus Energy (NYSE: CVE)

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.

Our recommendations are authentic and transparent. Find this recommendation posted in Tradingview. Be assured such records are permanent and irreversible.

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

CVE-RELATIVE STRENGTH

Relative Performance - Last 1 Year

Cenovus Energy —     NYSE —

Cenovus Energy (NYSE: CVE) - DAILY TECHNICAL ANALYSIS

Cenovus Energy (NYSE: CVE) - Technical Analysis (Daily)
  • 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

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

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

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.

Cenovus Energy (NYSE: CVE) TRADINGVIEW POSITION UPDATE

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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