Monday, April 5, 2010

Crude Oil Breakout, Rallies Suncor Energy (SU)

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Suncor Energy (SU) has exploded to the upside as oil is in rally mode (crude over $86 currently). Itz target for oil has been $90 + for this spring as highlighted over the last several months. Looking at the SU daily chart, the current intraday price (4/5) is a $35 which is the completion level of an Inverse Head & Shoulder Pattern. The oscillators are approaching oversold levels, Itz estimate is more upside perhaps $37 as oil approaches $90. Bottom line, the yellow flag is up and those that entered on Itz Pix suggested BUY back on Feb. 5th @ $29 should at least raise any stop levels. Others may consider looking at selling a covered call, maybe a May $36 or $37. Perhaps not today, BUT start looking into it over the next week or so and use that premium to buy puts and collar this run up. Just wanted to throw some suggestions out there for you to consider. However with nearly a 21% return in just 8 weeks being cautiously bullish by taking some profits is prudent.

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