Suncorenergy
SU.to (Suncor)This is a possible path (speculative) into a good buy zone. I think we finished the 5 waves up in weekly so this daily corrective move (a-b-c-d-e) could possibly be only the leg A of the ABC weekly correction. Either way I see us continue the reversal if we break the 200MA. There is also a strong bullish divergence.
Over 25 I see 27 pretty easily.
Note : This is SU.to, not SU so the chart will match but not the $.
SUNCOR trade analysis, in downtrendThis stock relies heavily on the rapidly changing fundamental analysis with changing market conditions. Key support and resistance levels noted in orange on graph. Trend analysis, and trend directions noted in solid blue lines. With rapidly changing market conditions, this could create volatility.
SU Potential Pullback and Buying OpportunityWhile 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 oil supplies going to be stressed with the US going to be in full bloom soon, and Canada slowly opening up and probably having more driving this summer (given we won't be flying much as we are still not out of the woods), I think this is a great time to get in.
I am still learning Fib retracements, so if anyone has some input on this and can provide much better support and resistance levels would be interested in hearing what your thoughts are and how to do them!