For those who are bullish for a trade in energy in general and in Canadian dividend plays in particular, here is the constructive looking daily chart of ERF.
First a note, due to the relatively high dividend yield and foreign tax laws that may apply, you might want to consider using a tax advantaged account such as an IRA for a trade like this if dividends are part of the reason you’d like to trade it. Next Ex-Div date is late June.
The shaded pattern looks interesting and ERF is in a series of higher highs and higher lows from December. MACD is triggered up and RSI has a sneaky bullish look to it, though both indicators are still technically negative below zero and 50 respectively.
Buy Target: 9.40 to 9.70
Sell Target: New highs above 13
Stop Loss: A lower low below 9
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.
