NYSE:SU
Suncor Energy is looking to set up to the upside with buyers trying to push beyond the 32.50 area which is considered a strong resistance area.
if buyers are able to breach this area it'll be expected to target the 37.90 area - If we take a look at the MACD we find the indicator is beginning to stay above the zero line as well as the RSI is more inclined...
Haven't wrote up a good chart in a while.
Weekly Chart:
Forming a strong inverse head and shoulders pattern with a cup and handle pattern as well.
3 Lines are my fav techs the Keltner Channel. Green line is middle kelt showing candle closing and holding above it on the week.
Looking for close $31+ or over the middle kelt.
Long term target: $36
Short term...
Suncor Energy Inc. broke out of the large accumulation base it formed between $24 - $31 this previous November. Now price has retraced and become bid right at pivot breakout support at $31.
Moving Averages
% Off 50 Moving Average: +1.5%
% Off 200 Moving Average: +11.9%
Support / Resistance
Supp: $31 ; 50% pivot
Res: $33.79 ; 61.8% pivot
Volume
+210% Above 50...
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
Suncor Energy, Inc. is an integrated energy company, which develops petroleum resource basins. Its activities include oil sands development, and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing. The company operates through the following business segments: Oil Sands, Exploration & Production and Refining & Marketing. The Oil Sands segment refers to the operations in the Athabasca oil sands in Alberta to develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen from mining and in situ operations. The Exploration and Production segment includes offshore activity in East Coast Canada the exploration and production of crude oil and natural gas in the United Kingdom, Norway, Libya, and Syria, and exploration and production of natural gas and natural gas liquids in Western Canada. The Refining & Marketing segment is the refining of crude oil products and the distribution & marketing of these and other purchased products through retail stations located in Canada and the United State, as well as a lubricants plant located in Eastern Canada. The company was founded in 1917 and is headquartered in Calgary, Canada.
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SU
