Breakout at $35.00 on the weekly chart with a bullish white candlestick
The reversal of roles is an important concept in technical analysis: $35.00 was the resistance level and it is now the new support level. Suncor must hold above this new support level or the breakout will be nullified.
Reference the last chart analysis for Suncor based on the daily chart.
Relevant articles picked from the Web:
- Suncor bonds solid despite dividend hike — FP — May 2, 2012
- Suncor’s diversification pays off in first-quarter earnings — Globe — May 1, 2012
- Suncor beats Street, raises dividend ahead of CEO transition — FP — May 1, 2012
Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
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