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Canadian Natural Resources Ltd. (CNQ-T47.250.020.04%) had a sharp decline from the high of $55.65 in 2008 (A) to $17.10 the same year (B), followed by a rise to $39.50 in late 2009 (C) and a horizontal trading range mostly between $33 and $40 (C-D). This price action produced a bullish technical pattern known as a “V-Extended” (dashed lines). The recent rise to $45.79 (D) signalled the breakout from this bullish pattern and signalled the start of a new major up-leg toward higher targets. Only a decline below about $38 would reverse the positive status.

Point & Figure measurements provide targets of $49 and $54. The “V-Extended” formation supports higher targets.

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Regards,

Don