Will Canadian Natural Resources stock test C$61.48 resistance as recent gains signal stability?

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Canadian Natural Resources steady at C$59.41

Highlights

CNQ maintains bullish momentum as it trades above key short-, medium-, and long-term moving averages.
Most momentum indicators signal further upside, though some short-term oscillators show divergence and neutrality.
Expected trading range for the next 2–3 days is C$57.34 to C$61.48, with a 64% probability of an upward move.

Bullish momentum persists despite mixed signals among oscillators

On the intraday chart, CNQ is positioned above its 20-period moving average at C$59.06 and its 50-period moving average at C$57.39. On the daily timeframe, it also holds above the 200-period moving average at C$54.56. The Ichimoku Kijun line currently sits at C$58.01, offering immediate support. Indicator readings present a mixed but overall constructive picture: the Moving Average Convergence Divergence (MACD) is in Strong Buy territory, the Average Directional Index (ADX) is flashing a Buy signal, and the Relative Strength Index (RSI) sits at 63.9, which is generally supportive. However, Stochastic RSI is in Oversold, Commodity Channel Index (CCI) is Neutral, and the Awesome Oscillator indicates a Neutral stance. Bull/Bear Power highlights buyer dominance in intraday action, though oscillators point to some divergence and uncertainty.

Consolidation likelihood rises as upside bias meets resistance

Looking ahead to the next 2–3 trading days, CNQ is expected to consolidate within a range of C$57.34 to C$61.48, reflecting a typical volatility band relative to current levels. The probability of an upward move is estimated at 64%, while a downward scenario carries a 36% likelihood. The baseline scenario envisions continued consolidation within this corridor. A sustained breakout above resistance would signal further gains, while a move below immediate support could trigger downside pressure.

Viktoras Karapetjanc, expert at Traders Union, believes Canadian Natural Resources maintains a robust technical setup above its moving averages. He sees constructive momentum with buyers dominating intraday, though mixed signals from oscillators suggest possible short-term volatility. The analyst notes that a 64% probability favors an upward scenario in the coming sessions, with key levels at C$57.34 and C$61.48. Karapetjanc underscores that, despite the absence of headlines, sentiment remains confident. "I expect CNQ to consolidate with a bullish tilt, as supportive indicators and stable fundamentals keep upside prospects alive."

Earlier, analysts noted that Canadian Natural Resources continued to display resilience and underlying strength, with momentum indicators showing a broadly supportive setup despite overbought signals. With the latest mixed indicator readings and a slightly stronger probability of upside, traders should watch for consolidation to persist in the near term, while remaining alert to any breakout above resistance or failure at support that could define the next directional move.

Source of Data: CNQ Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.