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~
I am looking at a 2 to 3 year typical oil cycle, and the stocks have be beaten up enough now. I like Suncor and Crescent Point Energy in Canada, but US plays also beginning to look oversold as well.
As I expected, Canadian Energy is off to a fairly nice start in 2020, led by Suncor (SU) and Canadian Natural Res. (CNQ). While CNQ started gaining momentum in late 2019, SU has finally caught up. Don't forget about smaller stocks like Tourmaline (TOU) - however, expect volatility in a big way when trading 'cheaper' energy stocks, but the overall trend is up....
Part of my latest series of posts has been on Canadian Energy (and certain parts of US energy) for 2020 and the strong rebound for 2020 and likely lingering into or through 2021.
I've posted my reasons behind this as per my related ideas below so to refrain from excessive repetition I kindly encourage the reading of my other ideas.
Except Suncor to break out of...
Looks like this is about to break out from it's ascending triangle MACD histrogram is ticking up and has a cross over.
price action is sandwhiched between the 200 ema and the resistance and i would imagine the rising 55 ema would add more upwards pressure aswell.
RSI seems more neutral bearish to imo
my target is 47.80
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...
SU had a nice run since Aug 1 til mid-Sept.
Looks like in the next 120-130 days, SU will be ending its bull cycle.
Once this is over, it time to go short or long some puts!
