I bought a 2% position in CNQ 3 months ago, in the last month its up 20%. Its starting to look parabolic:
I like this company and want to hold it for the next few years.
But I expect a correction around 2Q, which would hit oil. CNQ is a high beta oil stock. Short term, its way, way overbought. And 2Q is only 10 weeks away, while the market is forward looking.
Sold 1/3rd of my position, @ CAD 64.44, profit 1.9K CAD or 29%. Will sell more if it goes higher and my outlook stays the same.
Hope to buy it back cheaper later.
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