Suncor Energy Inc. was in an up-trend from 2013 until mid-2014, as it rallied above its rising 40-week moving average (40wMA) and above a rising trend-line (dotted line). It had a trend-reversal in mid-2014 as it fell below both the 40wMA and its up-trend-line (A). Suncor then stayed within a wide horizontal trading range mostly between $32 and $41 for almost one year. Recent price action suggests renewed investor interest in the stock. Only a decline below $36 to $37 would be negative. A sustained rise above $41 would confirm the start of a new up-trend and signal Point & Figure targets of $47 and $54.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com.