SU just below key technical levelsIf you look at the longer term chart you can see that in March 2020 SU.to had a massive gap down where it fell from ¬$33 (cad) and opened at just above $30 and plummeted from there.
Since then it's risen and touched just below $30 twice and is now knocking on the door again.
Obviously $30 is key.
If you are thinking about selling at ¬$30 it's not the worst idea however here's some things to consider:
- SU now killing it financial wise with oil trading %13 above the average from the 1st Q.
- Canadian dollar killing it as US money flood into the Canadian markets resource sector. (SU has a lot of US denominated debt)
- Triple tops don't usually hold.
- Gap to fill.
SU is a lot like Silver. Everyone is looking for a close above $30 to pile in. IMO if we close above $30 we will see $35 (CAD) in very short order.