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Hawk’s Nest

Natural Resources Name Sees Confident Long Term Opening Put Seller

by | Nov 8, 2022

Canadian Natural (CNQ) opening seller of 790 Jan 2024 $50 puts for $5.50 bids as the stock rides the 8 EMA higher recently and now forming a bull flag with a VPOC just above here at 63.50 a likely target. These longer term LEAP put sellers are confident in owning shares at 50 on dips the next year and likely see a floor for the stock at that key level which is just above the developing 2022 value area low. CNQ can see new highs over 70 on a continued trending move higher after it recently cleared the downtrend line from June highs.