I am trying to dig in for a longer term hold here.Several times over the past year, I have taken positions of size in Cenovus with the idea of holding for a while, possobly a long while. Price action in CVE and opportunity in the gold miners has always shaken me out.
I am trying again. This time for 40k shares at a price of even $22.
I like this name, and I like my entry price. Risk/reward looks quite fine, with a run into the 30s quite feasable within 6 months.
I am just not sure how tough this recession will get, but I believe a mild one is already priced in. I also believe that the Fed will get generously easy if it is worse.
As always, I reserve the right to change my mind in a heartbeat. Good luck to my fellow longs here.