Suncor Energy: The Only Integrated Energy Loser This Week
Integrated energy stocks
In this part of the series, we’ll look at the top losers from the integrated energy sector in the United States this week, which started on October 9, 2017.
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Suncor Energy: The only integrated energy loser
Suncor Energy (SU) is the only losing stock in the current week from the integrated energy sector. It fell from last week’s close of $34.67 to $34.52 on October 11, 2017, or marginally by 0.43%. While there’s no specific news release by the company, we know that Suncor Energy has been on a strong uptrend since the start of July 2017 and has risen ~23.0% since then. In fact, on Thursday last week, SU hit a 52-week high of $35.18.
So this week’s move in SU looks like a correction in the ongoing upward move. Currently, SU stock has strong support of its 50-day moving at $32.97. The previous correction in SU in August 2017 found support from its 50-day moving average.
SU’s rally might face resistance at around the $38 level, which represents a downward trend line from SU’s peaks marked in 2011 and 2014.
In general, the Vanguard Energy ETF (VDE) has fallen marginally by 0.62% so far this week. VDE has exposure to integrated heavyweights ExxonMobil (XOM) and Chevron (CVX). In comparison, the SPDR S&P 500 ETF (SPY) has risen 0.16% this week.