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DenisRisticFX

SU - Ranging with a Bullish Underlying Tone

Long
SUNCOR ENERGY INC (TSX:SU)  
DenisRisticFX Updated   
TSX:SU   SUNCOR ENERGY INC
Trend Analysis Chart Patterns SU suncor suncorenergy
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trendanalysis chartpattern su suncor suncorenergy
SU has been held in a range over the last month between 35.77 & 38.62 levels. I expect a move to the downside, breaking the low of the range to entice short selling before repricing higher with an upside objective to 46.50 level.
Comment:
SU did not quite reach for the range low before breaking the upside. Since the range is broken, I expect the price to continue to the upside with 46.5 as an upside objective.
Trade active:
Price continues higher since breaking the outlined range. 46.5 level is within reach.
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