Technical outlook – As we look over many patterns and signals to attempt to assess whether the market has established a trend or how the technical implications are shaping up.
Therefore, when a price pattern signals a change in trend direction, among other most valuable signals we use to assess the market ‘potential’ direction, we believe Carnarvon Petroleum Limited (CVN) share price may soon transpire into a broader bullish pattern (bullish) due to the recent strength seen from the 3-day lookback Relative Strength Index (RSI).
The Moving Average Convergence Divergence (MACD) is also slowly moulding to a bullish bias. Therefore, it is assessed (CVN) initial target holds to $0.42. Reassess from there.
Company Overview – Carnarvon Petroleum Limited (CVN) is an oil and gas exploration company focused on the North West Shelf of Western Australia. Former Names: Carnarvon Petroleum NL (CVN), 04/03/2003; Metana Petroleum NL (MTP), 29/10/1992; ORCA Petroleum NL (ORC), 21/12/1989.