NEW DIRECTIONAL CALL PLAYS
Canadian Nat. Res. - CNQ - close: 72.76 change: +0.09 stop: 69.90
Why We Like It:
Canadian Natural Resources Limited is an oil and natural gas company. The stock has been showing relative strength over the last couple of months. This recent dip toward $71.00 and today's bounce looks like a new bullish entry point to hop on board.
I am suggesting call positions now with a stop at $69.90. The $68.00 level looks like stronger support than the $70.00 level so more aggressive traders may want to widen their stop and place the stop under $68.00 instead.
Our target is $79.50.
I am suggesting the November calls but we'll plan to exit ahead of the November 5th earnings report. My preference is the November 75 strike.
BUY CALL NOV 75.00 CNQ-KO open interest=1800 current ask $2.45
Picked on October 22 at $ 72.76
Change since picked: + 0.00
Earnings Date 11/05/09 (confirmed)
Average Daily Volume = 2.6 million
Listed on October 22, 2009