SU

SU, Suncor

Hamilton

Last time we were a little early getting in and out of this stock, but there may be a second chance to do a little better;

 SU dec 2011

Both the RSI and MACD are close to extremes and this alone warns that a turn may be coming soon. From an EW perspective, we probable had 5 waves down followed by an A and B with C still to go. The stock had dropped $23 and retraced only $10 and has retraced more than 62% of that. A rebound now of about $10 would take the stock to just under $35. See also previous comments.

SU , Suncor, update

Hamilton

su occt 26 2011

We were a little early in recommending this stock (also PBN, Petrobakken). by saying that it was a buy under $30. As it went all the way to $24 that was not all that precise, but the position is nevertheless in-the-money by almost $3. $36 is near the 50% level and also where c=a in what appears to be a corrective rebound ( the wave count is questionable on the downside) . It has a few more dollars to go but we would be satisfied with a 10% gain!

WTIC , West Texas

Hamilton

wtic aug 19 2011

Oil, West Texas, has bee a good guide for the entire oil sector,together with Royal Dutch and a few others. As with the stock markets we are rapidly approaching critical technical levels. At $6 a day we may be within a day or two of the common target, the wave B level of this near perfect A-B-C. Also the RSI is at levels not seen for two or more years.

Suncor , SU, might actually be a buy at around $29 for a trade. It is obviously in the same position as the stuff itself, that is approaching the B-wave level. A bounce of $5 to $10 from there is not out of the question. Use a stop-loss as the count is not at all clear on SU;

su aug 19 2011 rds.a aug 19 2011

If Royal Dutch is a guide, we are nowhere near the bottom as it would need to drop to $50 to be in the same position as SU. Both are the largest oil concerns in their respective home countries, Canada and Holland but Royal Dutch is a lot bigger and more integrated making it less responsive to immediate changes in the price of crude. Click on the charts to enlarge.

SU, Suncor

Hamilton

SU AUG 2011

We have warned twice that Canada’s largest energy company would surprise a lot of analysts. En bloc they knew that oil could only go up and so, therefore, should all energy companies. Maybe too many people read that book about the world getting smaller, and maybe that will happen but not necessarily today. Today this stock lost about 5% of its value. $30 would be an interesting point but it should not stop there.