Testing $24 againThe share price dropped below $24 three times last week and each time it rebounded.
The market often tests a limit 3 times to determine a new direction. If the limit holds, the stock may have found a bottom. If the limit breaks, the market searches for a new low.
With WTI testing $66 again, SU is likely going to test $24 again.
What I would like to know is whether SU will increase its purchases under its NCIB and if so, what the trigger price would be.
SU is allowed to purchase up to 2% of the O/S shares per month which equates to 30mm shares. They have been buying back shares at a rate of about 7mm shares per month, so they have lots of room to increase their buying.