Three TSX Stocks Shift to Neutral Momentum
Canadian Natural Resources, Cenovus Energy, and Loblaw Companies all moved from Bullish to Neutral, as TSX market breadth improves.
- Visit the stock pages: CNQ, CVE, L
- Sector XEG , which ranks #2 for Relative Strength (Altra Sector score of 93.0 with bullish regime.)
The TSX market is currently signaling improving breadth, with the Altra Market score standing at 66.3, indicating a positive shift in overall market texture. The Altra Market score gauges overall market breadth by looking at the percentage of stocks trading above key Exponential Moving Averages (EMAs). Despite this improving backdrop, recent individual stock movements underscore the importance of selective analysis. On August 5, 2026, three prominent TSX stocks—Canadian Natural Resources (CNQ), Cenovus Energy (CVE), and Loblaw Companies (L)—all saw their Altra Scores shift from a 'Bullish' to a 'Neutral' stance. This comprehensive measure, known as the Altra Score, quantifies a stock's momentum on a scale of 0-100, integrating EMA alignment and Relative Strength Index (RSI) trends across daily, weekly, and monthly timeframes. A higher score indicates more bullish momentum.
CNQ: Canadian Natural Resources Limited
Canadian Natural Resources (CNQ), a prominent player in the Energy sector, saw its Altra Score move from a robust 76.3 (Bullish) to 53.1 (Neutral) on August 5, 2026. This shift is particularly noteworthy given its sector's strong standing; the Energy sector boasts an Altra Sector score of 93.0, ranking 2nd overall and maintaining a bullish posture as a 'Confirmed leader' that is holding steady. The Altra Sector score provides a read on sector-wide momentum and relative strength against other sectors. Despite the broader strength in Energy, CNQ's individual momentum has softened. While the stock remains positioned above its key EMAs and registered a bullish Weekly EMA Crossover in September 2025, its daily RSI is currently hovering just above 50. This suggests a potential loss of short-term conviction among participants, pushing its Altra Score into neutral territory. For traders, this indicates a pause in the previous strong upward trajectory, despite the overarching positive sentiment in the Energy space.
CVE: Cenovus Energy Inc.
Cenovus Energy (CVE), another significant component of the TSX Energy sector, experienced a similar deceleration in its momentum on the same day. Its Altra Score moved from 67.7 (Bullish) to 46.4 (Neutral). Like CNQ, this takes place against a backdrop of a strong Energy sector (Altra Sector score 93.0, ranked 2nd). However, a key distinction for CVE lies in its technical posture: its EMAs are now trading below key levels. This contrasts with CNQ, which maintains EMA support. While CVE did have a bullish Weekly EMA Crossover in August 2025, the more recent Altra Score decline, coupled with EMAs below critical thresholds and a daily RSI below 50, points to a more pronounced weakening of its short-term and medium-term momentum. This suggests that even within a leading sector, individual stocks can exhibit divergent technical health, requiring careful attention to multi-timeframe indicators.
L: Loblaw Companies Limited
Shifting focus to the Consumer Staples sector, Loblaw Companies (L) also registered a notable momentum shift, with its Altra Score falling from 67.7 (Bullish) to 40.4 (Neutral) on August 5, 2026. The context for Loblaw is distinct from the Energy stocks; the Consumer Staples sector's Altra Sector score is 69.0, placing it at rank 3 and categorized as bearish. However, data indicates the sector is 'Still lagging, but starting to turn up' in terms of relative strength. For Loblaw, the technical picture reflects this softer sector environment. Its daily RSI sits below 50, and its EMAs are also below key levels, signaling a lack of immediate upward pressure. While a bullish Weekly EMA Crossover occurred much earlier in December 2023, the more recent Altra Score decline suggests that the multi-timeframe momentum is struggling to gain traction. The move to a Neutral Altra Score underscores that even resilient sectors can see their individual constituents face momentum challenges, requiring investors to consider both sector trends and individual stock technicals.
These concurrent shifts in Altra Scores across two key TSX sectors—Energy and Consumer Staples—highlight the nuanced nature of market momentum. While the broader TSX market shows signs of improving breadth with an Altra Market score of 66.3, the individual performance of stocks like CNQ, CVE, and L indicates that strength is not uniform. The decline from a 'Bullish' to 'Neutral' Altra Score for these names suggests a pause or softening in their upward trajectories, urging traders and investors to maintain a selective approach. AltraOne's multi-timeframe momentum analysis provides a framework to identify such critical shifts, enabling a data-driven understanding of high-probability setups.
What is the Altra Score? The Altra Score is AltraOne's proprietary momentum score for individual stocks, ranging from 0 to 100. It measures EMA structure and RSI momentum across multiple timeframes. A score above 60 is Bullish, below 40 is Bearish, and 40–60 is Neutral. The score is updated every trading day after market close based on end-of-day data.
Explore the full Signal History on AltraOne to see every EMA crossover signal across your watchlist — going back 52 weeks. The weekly EMA crossover is AltraOne's highest-conviction intermediate momentum signal; the Signal History page lets you track how these have played out over time.
Altra Score is a momentum indicator reflecting EMA alignment and RSI trend across daily, weekly, and monthly timeframes. It is not investment advice. Past momentum does not guarantee future performance. Please consult a SEBI-registered advisor before making investment decisions.