Suncor Energy Inc T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the United States; and the Company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicle (EV) stations). The Company is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower-emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. The Company also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region.

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Suncor Energy Inc > Wash, Rinse, Repeat...

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Comment by MigraineCallon Mar 01, 2024 11:40am

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Post# 35909341

RE:RE:RE:Wash, Rinse, Repeat...

Hi all. Dropping in with an update:

After 9 attempts, SU has finally broken through the resistance line on this flag, on both the US and CDN daily charts.

Stochastics are now nicely embedded to the upside, as it pushes upwards in a gorilla glue trade following the upper Bollinger band.

Crude annual seasonality is kicking in, and a good Q4 report as a tailwind has helped.

Congrats to those disciplined longs on this trade that took profits at resistance, and rebought on the breakout.

SU TSX:

User image

SU NYSE:

GLTA

MigraineCall wrote: Ding, Ding, Ding.....!!!!

MigraineCall wrote: Hi all.

I'm still taking time off trying to heal, but I have something to add I think is worth sharing with the board.

It is a SU chart update from my November post.

Switching to view the current daily chart of SU on the TSX, many chartists see an absolute thing of perfection and beauty, which in this case keeps making you money over and over again. Check out how perfect those candles have kissed that resistance at the top range of the flag the last 8 times.

It seems the sell buttons on SU have indeed been hit two more times since my last post, for the 7th and 8th times, continuing the repetitive sell pattern each and every time the price rises to the top line of this flag.

With upcoming crude seasonality kicking into effect mid Feb, and the price gains, will SU get sold of for the 9th consecutive time in a row, or will it finally break out?

Crude seasonality chart can be seen here:
https://charts.equityclock.com/crude-oil-futures-cl-seasonal-chart

The wise thing one could do would be to put a sell around the top line of the flag, and if it does finally break above, buy it back. You miss a few cents, but given the history and odds, you can't ignore it.

If it pulls back like it did 8 times before, you buy back at a lower price and hold again for the next attempt.

Even in this current sideways oil market, there are still opportunities if you pay attention.

GLTA

MigraineCall wrote: Chances are quite good that SU will be making another run at this resistance line for the 7th time.

This has been a simple easy repetitive trade pattern to fatten your wallets.

Here's a recap:
1) Wash, rinse, repeat.
2) Wash, rinse, repeat.
3) Wash, rinse, repeat.
4) Wash, rinse, repeat.
5) Wash, rinse, repeat.
6) Wash, rinse, repeat.
7) Wash, rinse, ...?