650M of the total shares of 1.5B is already on the short side.
The company will continue with his shares buyback program :
Suncor Energy shares outstanding for the quarter ending September 30, 2020 were 1.525B, a 1.87% decline year-over-year.
Suncor Energy 2019 shares outstanding were 1.561B, a 4.17% decline from 2018.
Suncor Energy 2018 shares...
Crude oil said to rise to 65$ by the end of summer according to bloomberg analysts. Suncor Energy $SU taking off price target 30-40$. Warren Buffett currently owns this stock. Also check out ticker $XEG.CA for canadian energy oil gas etf.
Suncor has been another fantastic play since the 15$ entry.
Now entering a new zone a bit high on the RSI's.
Stock is still undervalued.
Looking for a strong push from here to next fib line so RSI can reset down before another two waves up.
Stop Loss in case of breakdown, although unlikely.
I will open Buy if the price will cross the Support/Resistance Zone.
It's resisted today but, the trend is bullish and we should follow it.
I don't recommend opening Buy here because the price can stay here for some time and accumulate its power to break the Zone.
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In true mnovo ramblings. I run out of time talking about this stock. We cover falling knives bad entry vs better options. Having patience. Trading rules. And maybe a little management I would do. All this but would I buy it? I do end up telling you.
Enjoy and trade safe. M~
The best place for Buy will be above the Support/Resistance Zone1.
We can look for an accurate entry if the price will cross that Zone and H12 candle will close above.
The potential target will be near the Support/Resistance Zone2.
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Entry 1/2 ****STOP 8%****
We routinely review hedge fund filings, and the trend is becoming clear: funds are bullish on oil. From Warburg Pincus, to Elliot Management, concentrated funds are betting big on the energy sector.
The reason why we chose this particular oil company was because of two reasons. First, and most importantly, the risk reward is...
1. I will open buy if the price will make a pullback to 2860
Because there is a huge chance that it will happen
The goal will be before historical high 2942
2. Near 2942 I will open Sell if there will be a fake broke
Mostly price bounce 1st time from such powerful levels
In that situation potential profit could be in 10 - 20 times bigger than a risk
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