Market Overview

Options Traders Betting on the Long-term With Canadian Natural Resources

Shares of Canadian Natural Resources (NYSE: CNQ) are trading lower on the session by 1.36%, at $40.51. While shares are down today, they have been working higher for the better part of three months. CNQ has showed a consistent consolidation/breakout pattern with rising 20-day and 50-day moving averages.

While shares are trading at a three month high, options traders are betting that Canadian Natural Resources will continue to rise for the next few years, ultimately breeching the 52-week, as well as all-time, high.

Today, the January 2014 $55.00 call has traded 17,084 times on open interest of just 18 contracts. This indicates fresh positioning on the strike. 93% of all calls traded have been purchased on the offer.

Canadian Natural Resources's most recent top came in March 2011, when shares popped to $52.04 before selling off hard over the next two weeks.

Canadian Natural Resources Limited is an independent energy company engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, NGLs, and natural gas production.

Posted-In: Long Ideas Technicals Options Markets Trading Ideas

 

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