Since returning to the Green Favored Zone for the first time in three years Suncor Energy (SU.TO) has continued to climb up the rankings in the SIA S&P/TSX Composite Index Report. Yesterday, it finished in 34th place, up 4 positions in the day and up 42 spots in the last month.
Suncor Energy (SU.TO) shares have been trending upward for a year now and continue to steadily recover. A recent correction was contained above the previous breakout point near $31.00 and this week, the shares have launched up off of that level to trade at their highest levels since 2019, a sign of continuing accumulation.
Initial upside resistance may appear near $35.00 round number, but more significant resistance may appear between the $40.00 round number and $43.00 where previous peaks and multiple measured moves congregate.
Earlier this year, Suncor Energy (SU.TO) snapped out of a long-term downtrend. The shares continued to climb through the spring then struggled through the summer. In August the shares established a higher low and since then, they have resumed their recovery trend, completing a bullish Double Top pattern last month and continuing to climb to their highest levels since 2019.
A combination of vertical and horizontal counts, along with previous column highs, suggests potential upside resistance tests on trend may appear near $38.00, $40.30, and $42.80 on trend. Initial support appears near $31.15 based on a 3-box reversal.
With a bullish SMAX score of 9, SU.TO is exhibiting strength against the asset classes.
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