SU looks to be setting up a rising wedge and running up against my 618 from pre-COVID high fibs. I cashed out my option and will get back in once I see whether it breaks down out of the wedge or if it pops through the 618. Last time I ignored a rising wedge I missed out on gains, so I followed the pattern this time! SU is still in overall great shape and I will be...
While I think in general SU may retest it's highs in the 40's, I am looking at buying opportunities to load this one up with every dip. Looks like a bit of a pullback is coming (not big) as this continues to make it's way up as the summer months come. It is following its peak and valley pattern on the way up, and RSI indicates it should come down a bit.
With...
Potential downside idea for Suncor Energy. If the tide shifts to bearish for usoil we can see downward pressure on energy stocks such as suncor and perhaps a movement to the lower end of the channel
It looks like the SU trend of price increasing is going to hold. The RSI is in the right range, with the MACD and volume both suggesting a strong move up. With the summer months coming and the hope that Canada is opening up, we should see a surge of driving and oil use more than year to date and last year. Long term hold at this point and buying on dips?
As Suncor approaches a previous area of resistance this area can offer up support and potentially reversal at this area. Depending on the severity of the selling pressure we may see a break down of the upward channel and head back to major support levels (smart to have a stop loss in case it does). However if this decline in share price is transient we can see a...
$SU is sitting at it's previous high from June2020 and if it busts through, there's no resistance except for fibs until $26 for another 20% gain. I hope you enjoyed the 17% gain we grabbed up to this point!
As the economy begins to reopen more people will be driving, summer is approaching and crude is rising - bullish catalysts.
EMA crossed over signaling a buy - I am targeting top of the channel at $24.50 (approx. 6.5% move rather quickly)
With Warren Buffet buying into Suncor and a big inverted h&s pattern, this 2 week resistance point is being penetrated and is ready to gush upwards into the 26+ range! I've entered at 24.78 with a target of 26.50!
