SU trade ideas
SHORT IDEA: SU in TSX, Entry: 42.00
Stop Loss: 45.08
TP1: 40.30
TP2: 38.85
TP3: 37.35
Close 1/3 of the position whenever touch TP1 and break even
Close 1/3 of the position at TP2
Another Volume Trade *Keystone*Suncor Energy Inc. broke out of the large accumulation base it formed between $24 - $31 this previous November. Now price has retraced and become bid right at pivot breakout support at $31.
Moving Averages
% Off 50 Moving Average: +1.5%
% Off 200 Moving Average: +11.9%
Support / Resistance
Supp: $31 ; 50% pivot
Res: $33.79 ; 61.8% pivot
Volume
+210% Above 50 Day Average
I expect prices to rise up to test the resistance levels outlined above. A break above would open the door for the $38 pivot resistance. A break below $31 would take it down to multiple levels of support being the 100 and 200 moving averages.
Cheers =)
www.bloomberg.com
SU Suncor EnergyIn ascending channel, now we see a harami candle patterns, it is time to wait for buy.
SU (Suncore Energy Inc) Daily ChartThe Canadian Sand Oil Company has topped a the 1.618 fib.ext. of "XA" impulse leg. Also hitting the upper line of its upward channel in purple. RSI was at double top and extremely over-both. Entry at the 0.618 fib.retr. of the re-test of double top. Target at 0.382 fib.retr. of the whole "XC" move. Risk/Reward 1:3.5
