Suncor Energy Inc. (NYSE:SU) fell by -0.18% in Tuesday’s trading session from $33.19 to $33.13 and has now fallen 5 consecutive sessions.. The price has fallen in 8 of the last 10 days and is down by -4.14% over the same course of time. Volume has increased in Tuesday’s trading session by 2.10 million shares, but on a weak note. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 4.25 M shares exchanged hands for about $140.83 million.
Inside SU’s Recent Trend
Suncor Energy Inc. (SU) lies in the lower part of a weak rising trend in the short term, and this will normally pose a very good buying opportunity. A break down through the resistance trend line at $33.06 will initially suggest a lower tendency for gains in the price and this might very well be an early sign that a trend shift is coming. Short-term traders are predicted to see a rally of 9.12% over the course of a quarter and, with 90% chance the price will be floating in the range of $36.08 and $38.96 in this timeframe.
Suncor Energy Inc. Technical Signals
SU has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $33.48 and $34.01. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Wednesday October 04, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. Volume up and price depreciating is getting our attention as this movement is seen as bearish sign.
Suncor Energy Inc. (NYSE:SU) Support And Resistance Levels
Suncor Energy Inc. (SU) recorded volume accumulation so there will probably be a surplus of buyers at $32.77. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $33.63, $33.74 and $33.76.
Accumulated volume is going to prevent the price from rising further at $33.63 and this action will lead the price to take a temporary pause or stay muted for a few days.
Suncor Energy Inc. (SU) Risk Assessment
The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.30 (0.91%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 0.82%.
Suncor Energy Inc. (SU) is overbought on RSI14 (6). Some stocks may go long and hard while being overbought on RSI, but overbought increases the general risk as higher volatility could be expected, and at some level the stock will have a reaction back to gain new strength.