Suncor Energy Inc. - (SU.TO) - March 6, 2023 (Daily Stock Report)


Bouncing back from a recent dip into the red zone, Suncor Energy (SU.TO) has returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report for the first time since December. SU.TO has moved up 17 positions in the last month including a gain of 2 spots on Friday that carried the shares to 15th place.

Suncor Energy (SU.TO) shares staged a major breakout on Friday. Since peaking in June of 2022, the shares have bene trending sideways with lower highs and higher lows forming a large Symmetrical Triangle, commonly seen as indicative of a consolidation period. Over December and January, the shares established a base of support near $40.00 and in recent weeks, they have come under renewed accumulation.

Last week, the shares snapped the downtrend line and completed the triangle with an upside breakout, signaling the start of a new uptrend. Recent gains have been on higher volumes, also a sign of increased bullish interest. Upside resistance may initially appear near the $50.00 round number, followed by the June peak near $52.50, then the $60.00-$61.00 area based on the convergence of a round number and a measured move from the triangle. Initial support appears at the 50-day moving average near $53.50.

Back in January, a downswing Suncor Energy (SU.TO) shares bottomed out in a bear trap where they broke down by one row then reversed upward. Since then, the shares have been under renewed accumulation, continuing an emerging uptrend of higher lows and completing two bullish Double Top breakouts. This month, SU.TO has snapped a downtrend line, and extended its current rally into a bullish High Pole.

Initial upside resistance appears near the $50.00 round number, followed by the $52.00 to $53.00 area where several vertical and horizontal counts plus the June 2022 peak cluster. Initial support appears near $45.70 based on a 3-box reversal.

With a perfect SMAX score of 10, SU.TO is exhibiting strength across the asset classes.

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