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/ne...cor-than-transcanada
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/ne...cor-than-transcanada
