Crude Oil Breakout, Rallies Suncor Energy (SU)

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.

Suncor (SU) Trending Higher

Suncor (SU) has been rallying the last few days, now trading above its 50-ma and closing in on the 200-ma.Crude is trading around $82, talk on the street is that a break over $85 may see it rally to $95. That's been the Itz target for nearly 2 months now.
Canada’s Suncor Energy Inc. (NYSE: SU - News) has entered into an agreement to sell certain natural gas-heavy assets in west-central Alberta for C$235 million ($230 million) in cash. The name of the buyer was not disclosed. >>READ Again keep an eye on $33, may suggest a covered call at that level.

Suncor Energy (SU) Enters Itz Pix Portfolio

As per yesterdays blog on Suncor Energy (SU) it enters the Itz Pix Portfolio today @ $29. Suggest taking a partial position and watching how the markets play out over the next week or so.