SU bearish retest gap. Below all moving averages on the daily. Failing a channel resistance
The Canadian Sand Oil Company has topped a the 1.618 fib.ext. of "XA" impulse leg. Also hitting the upper line of its upward channel in purple. RSI was at double top and extremely over-both. Entry at the 0.618 fib.retr. of the re-test of double top. Target at 0.382 fib.retr. of the whole "XC" move. Risk/Reward 1:3.5
Max risk around $40. Entered when Williams %R in SPX was strongly overbought, also on day when SPX went up but SU went down.
Suncor is company that I like. Good balance sheet with boring dividend though, but the potential for that stock could be tremendous if the oil pipe goes ahead.