Canadian Natural Resources shares gain more than 2% after completing CAD 765 million deal with Tourmaline Oil

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Canadian natural resources rises 2.1% today

Highlights

Canadian Natural Resources acquired Tourmaline Oil Corp assets for CAD 765 million in December 2025, expanding its portfolio.
The company raised its annual dividend for the 24th consecutive year, continuing a long track record of shareholder returns.
Shares of Canadian Natural Resources trade in a strong bullish structure above key technical supports, with a five-day expected range of CAD 75.22 to CAD 78.72 and 74% likelihood of an upward move.

Expansion and dividend hike anchor momentum after deal closure

Canadian Natural Resources completed the acquisition of assets from Tourmaline Oil Corp. for CAD 765 million in December 2025, marking a significant expansion move. The company also raised its annual dividend for the 24th consecutive year. These actions highlight ongoing corporate activity and a commitment to shareholder returns.

Anton Kharitonov, expert at Traders Union, notes Canadian Natural Resources has short-term strength after the Tourmaline asset acquisition. He points out that while the technicals are bullish, key oscillators like RSI and CCI indicate the stock is near overbought territory. The analyst notes the bullish momentum could stall if C$77.43 is not convincingly breached. He remains cautious given the elevated readings and risk of a pullback. "I see momentum peaking soon, and unless new buyers step in, a retracement below C$75.22 is likely."

Viktoras Karapetjanc, expert at Traders Union, believes CNQ's strategic asset acquisition and dividend hike signal robust fundamentals. He emphasizes the bullish structure remains intact, with all major moving averages trending upward. The ongoing corporate activity boosts investor confidence and positions the company for further growth. "Expect more upside as the market rewards consistent expansion and shareholder returns — the setup continues to look strong for CNQ."

Sholanke Dele, market strategist, sees cautious sentiment around CNQ despite recent gains. He flags broader market risks and warns that momentum signals could reverse if support at C$75.22 breaks. The analyst remains skeptical about the sustainability of the current rally. "Traders should be prepared for sudden volatility — overbought signals cannot be ignored at these levels."

Technical overextension emerges as bullish momentum persists

CNQ is trading above its key moving averages: MA-20 at C$71.06, MA-50 at C$70.01, and MA-200 at C$62.75, indicating a sustained bullish trend in the short, medium, and long term. The nearest resistance stands at C$77.43, with the closest support at C$75.88. Momentum remains robust, with MACD and ADX both signaling buy, and the Awesome Oscillator confirming positive sentiment. However, RSI and CCI are near overbought territory, and Stochastic RSI along with Bull/Bear Power (BBP) also indicate overbought conditions, though BBP's strong reading reflects ongoing buyer dominance. HMA signals some caution, and several oscillators highlight a risk of an imminent pullback.

Earlier, analysts noted that Canadian Natural Resources was exhibiting a broadly bullish technical setup supported by strong operational performance. The current analysis strengthens this view with confirmation of a sustained bullish structure and increased corporate activity, while highlighting the need to monitor the C$77.43 resistance as a potential trigger for a breakout.

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

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