Hello fellow traders,
Today we are looking at Suncor Energy Inc (SU) on the TSX. As we can see, following the COVID dump in March, the chart has printed a nice double bottom around $14 on the daily time frame. Prices have moved above all EMAs except for the 200 EMA , which is currently being tested for a breakout. We also see some large buying volume coming in recently, another bullish sign.
If prices can break above the 200 EMA , we can expect additional growth. Based on the VPVR, can also predict that prices will move fast between the $26-$36 range. So, keep your eye out for a breakout! A potential short-mid-term trade setup now would be:
Entry: $21.75-$23.75
Targets: $26.25 (+13%) | $29.50 (+27%) | $39.00 (+67%)
Stop loss: $19.50 (-10%)
Let me know what you guys think down below and leave a like if you appreciate the analysis. Also, check out some of my other ideas and follow my profile for more chart analyses and profitable trade setups! Thanks for reading :)
Price at writing: $23.21
Today we are looking at Suncor Energy Inc (SU) on the TSX. As we can see, following the COVID dump in March, the chart has printed a nice double bottom around $14 on the daily time frame. Prices have moved above all EMAs except for the 200 EMA , which is currently being tested for a breakout. We also see some large buying volume coming in recently, another bullish sign.
If prices can break above the 200 EMA , we can expect additional growth. Based on the VPVR, can also predict that prices will move fast between the $26-$36 range. So, keep your eye out for a breakout! A potential short-mid-term trade setup now would be:
Entry: $21.75-$23.75
Targets: $26.25 (+13%) | $29.50 (+27%) | $39.00 (+67%)
Stop loss: $19.50 (-10%)
Let me know what you guys think down below and leave a like if you appreciate the analysis. Also, check out some of my other ideas and follow my profile for more chart analyses and profitable trade setups! Thanks for reading :)
Price at writing: $23.21
