In-Depth Technical Analysis of SUNCOR ENERGY INC.

Our stockscreener has identified a possible breakout setup on SUNCOR ENERGY INC (NYSE:SU). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:SU for potential opportunities.

Analyzing the Technical Aspects

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall SU gets a technical rating of 8 out of 10. Both in the recent history as in the last year, SU has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that SU is one of the better performing stocks in the market, outperforming 76% of all stocks.
• SU is part of the Oil, Gas & Consumable Fuels industry. There are 211 other stocks in this industry. SU outperforms 74% of them.
• SU is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so SU is lagging the market slightly.
• In the last month SU has a been trading in the 36.43 - 39.44 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of SU for a complete technical analysis.

How does the Setup look for NYSE:SU

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:SU scores a 8 out of 10:

SU has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 40.14. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 38.65, a Stop Loss order could be placed below this zone.

How to trade NYSE:SU?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.