Suncor Poised to Breakout (SU)

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Suncor has coiled up like a spring into a bullish wedge pattern.  A breakout could be explosive with a move up to the target zone.

Not only has Suncor formed a bullish wedge pattern, but the stock is a great way to gain exposure to crude oil.  Crude has been rising amid Iran export cuts, and ongoing issues could contribute to boost it further.  Besides this, oil sands companies benefit at high oil prices due to cost and production profiles. 

As well, any positive developments with regards to the proposed Northern Gateway or Keystone XL pipelines could benefit Suncor.    

 

Disclosure:  The author has a beneficial ownership in Suncor stock.

 

Agreed, but it has more hurdles till $38.60

I see accumulation on Suncor when the price touches the 200 day SMA. The fact that this average is descended makes me think that is not yet time for Suncor explode upward. Prices above 35 would make me change my mind.GoodTrader. Owner of Stop Market Risk.   

Agreed, it does appear that an accumulation phase is underway on Suncor.  A breakout could be powerful up to the target range.  It is doubtful that this would lead to a sustained up trend, but rather a quick pop.