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.

Suggested Options:
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

Annotated Chart:

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