Suncor Energy Shares Rise 3.17% to Fresh High on Bullish Technicals

Suncor Energy (SU) shares gained 3.17% in the most recent session, marking the third consecutive trading day of advances and delivering a 5.73% return over this period. This upward momentum establishes $42.26 as a fresh closing high while signaling potential bullish sentiment. Technical observations for SU are structured as follows:
Candlestick Theory
Recent price action shows three consecutive white candles with higher highs and lows, forming a Three White Soldiers pattern near the $42.26 peak. This suggests strong bullish momentum, though the elongated upper wick in the latest session indicates resistance near $42.30. Immediate support is established at $41.04 (prior session low), with $40.25 as a secondary level from the September 8th reversal point. The $42.30 level now represents critical overhead resistance.
Moving Average Theory
The 50-day moving average ($39.12) maintains its position above both the 100-day ($38.20) and 200-day ($37.65) averages, confirming a sustained bullish trend structure. Price remains firmly above all three key moving averages, with the 50-day SMA providing dynamic support during recent pullbacks. The ascending alignment (50>100>200) continues to signal robust intermediate-term upside bias.
MACD & KDJ Indicators
The MACD histogram shows accelerating bullish momentum with the signal line crossing above zero territory on September 2nd – a configuration that remains intact despite Friday’s pullback. Meanwhile, the KDJ oscillator presents a mixed signal: while the %K line (86) has entered overbought territory above 80, it maintains a bullish crossover above %D (78). This divergence suggests near-term consolidation risk but no imminent bearish reversal given MACD’s strength.
Bollinger Bands
Price currently trades near the upper Bollinger Band ($41.80) following a period of band expansion that began in late August, indicating increasing directional momentum. The 20-day average ($40.40) provides dynamic support, while the bandwidth expansion from September’s tight compression underscores conviction in the breakout. Sustained trading above the midline reinforces bullish control.
Volume-Price Relationship
The advance to $42.26 occurred on 4.17 million shares – notably lower than the 5.36 million shares during the prior pullback. This divergence raises concerns about commitment to new highs despite the three-day rally. However, the August 28th surge to $41.60 established a high-volume support zone between $40.96-$41.30, which validated the current uptrend when price rebounded from it on September 5th.
Relative Strength Index (RSI)
The 14-day RSI (68) approaches overbought territory after rising sharply from 55 mid-week. While exceeding 70 would trigger traditional overbought caution, the absence of bearish divergence (previous RSI peak was 72 during the June high) suggests room for continuation. The indicator’s ability to hold above 55 during recent retracements demonstrates resilient momentum.
Fibonacci Retracement
Applying Fibonacci levels to the swing from the July low ($37.55) to current high ($42.26) reveals critical thresholds: the 38.2% retracement ($40.46) aligns with the September 5th swing low, while the 23.6% level ($41.15) provided intraday support during Friday’s pullback. These confluent levels strengthen their technical significance, with $40.46 now serving as major trend support.
Confluence & Divergence Observations
Multiple indicators align positively: moving averages confirm the bull trend, Bollinger Band expansion validates momentum, and Fibonacci support converges with volume-based support near $41.15. Notable divergences appear in the MACD-KDJ relationship (momentum acceleration vs. overbought KDJ) and the deteriorating volume profile during new highs. These suggest potential near-term consolidation, though the weight of evidence remains structurally bullish above $40.46 Fibonacci support. The indicators collectively point toward a probabilistically favorable environment for upside continuation following any retracement to the $41.15-$40.46 demand zone.