Suncor Bullish Engulfing Formed
Published on Monday, 09 January 2012 19:51 Written by TradersHuddle Staff
New York, January 9th (TradersHuddle.com) - Shares of Suncor Energy Inc. (NYSE:SU) ended the trading session higher by $0.47 or 1.53% from its previous close. Suncor's price action formed what is considered to be a bullish engulfing candle that could very well signal continuation of trend or reversal on ongoing weakness.
Suncor Energy Inc. (NYSE:SU) is an integrated energy company. The Company explores for, acquires, develops, produces and markets crude oil and natural gas in Canada and internationally, and it transports and refines crude oil and market petroleum and petrochemical products primarily in Canada. It focused on developing petroleum resource basins, such as Canada's Athabasca oil sands. Periodically, it also markets third-party petroleum products.Suncor operates in business units, which are composed of Oil Sands, Natural Gas, East Coast Canada, International and Refining and Marketing. Suncor's renewable energy interests include four wind power plants. On August 1, 2009, Suncor completed its merger with Petro-Canada.
Suncor's recent stock range has been formed by a trough where calculated support was defined at $26.30 and by a peak that established the resistance level at $31.17, which could be used by traders planning their trades.
Traders wanting to establish a position in Suncor or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk as it shows where the bears were able to push the stock down, before the bulls stepped in.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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