This is the first chart Scott will be watching on Monday: $SU – February 25, 2022
SU XLE DIH
This is Scott with your Chart of the Day. I want to share the first chart that I will be looking at this coming Monday morning, just before the market opens, it is Suncor Energy ( NYSE: SU ).
As you know, energy stocks have been on a run. If you look at XLE ( NYSEARCA: XLE ), it is in a nice well-defined uptrend above all of the major moving averages. Oil Services ( NYSEARCA: OIH ), also looking pretty good here. It is above all of the major moving averages, it whipped around a little bit yesterday but still held up. Energy ( NYSE: SU ) is still the sector that I think you want to pay attention to in this market.
Now, this chart pattern is beautiful, I actually am a little upset that I didn’t buy this stock today because I saw it after the close, but it is a nice uptrend. It is above all of the major moving averages, that checks a box. I also like the fact that we have support right around that 21-day exponential period moving average, that’s the gray line here on the chart. I can also draw a little bit of a downward sloping trendline here, so we have a clear level to trade against. I want to see Suncor Energy ( NYSE: SU ) get above and stay above this downward sloping trendline.
Now today, as I mentioned, support on the 21-day exponential period moving average and it did it on a nice pickup in volume here. So the stock, in my opinion, is set up for a potential leg higher. But it has got to prove it to us, it’s got to break above, and it’s got to do in on volume. So that is what I will be looking for this coming Monday. And I think you should definitely add this to your watch list as well.
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