Since returning to the Green Favored Zone for the first time in three years Suncor Energy (SU.TO) has continued to climb up the rankings in the SIA S&P/TSX Composite Index Report. Yesterday, it finished in 34th place, up 4 positions in the day and up 42 spots in the last month.
Suncor Energy (SU.TO) shares have been trending upward for a year now and continue to steadily recover. A recent correction was contained above the previous breakout point near $31.00 and this week, the shares have launched up off of that level to trade at their highest levels since 2019, a sign of continuing accumulation.
Initial upside resistance may appear near $35.00 round number, but more significant resistance may appear between the $40.00 round number and $43.00 where previous peaks and multiple measured moves congregate.
Earlier this year, Suncor Energy (SU.TO) snapped out of a long-term downtrend. The shares continued to climb through the spring then struggled through the summer. In August the shares established a higher low and since then, they have resumed their recovery trend, completing a bullish Double Top pattern last month and continuing to climb to their highest levels since 2019.
A combination of vertical and horizontal counts, along with previous column highs, suggests potential upside resistance tests on trend may appear near $38.00, $40.30, and $42.80 on trend. Initial support appears near $31.15 based on a 3-box reversal.
With a bullish SMAX score of 9, SU.TO is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
