On May 14, 2021 ($41.67), we identified a breakout from two large trading ranges (dotted and dashed lines) and provided targets of $45 and $49. Following our report Canadian Natural Resources rallied to a high of $88.18 for a 112% gain since our report (A).
The stock had a correction earlier this year, found good support near $61 (B) and now appears ready to resume the uptrend (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. There is good support near $73-75; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $89 and $99. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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