Oil Sector: SU(Suncor Energy Inc.)

SU is getting my attention again here.It has been consolidating again now for the last 18 days,and holding above 80.00 with only one close below that point.It now seems to be holding above 82.00 and reaching for a close above 83.00,which would set it up for a nice break higher.I would like to see it consolidate for one or two days at the most,which would also set it up for a nice 20 day breakout.The short-term uptrend is still intact along with the move in OIH.Oil had a slight pullback here which may not be over quite yet,and I think Wednesday’s EIA numbers could setup the coming direction,trend continuation or a break of the trend.Trade what you see not what you think.I’ll be watching SU for a trend continuation if it makes a move above 83.36.Otherwise no setup.Also the 50 day sma has closed above the 200 day sma as of today,which strengthens the odds of the current trend.What I don’t like about this stock is it is not rated as one of the stronger stocks in the group as far as relative strength.It also needs a little added volume if it does try and break higher.I’ll try and post a chart soon,if I get time.

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