Suncor’s moving averages

Suncor Energy (SU) stock has surged 22% so far in the first quarter. Let’s look at the stock’s moving average trend in the period. Before that, though, let’s briefly review how its moving averages have trended in the past couple of quarters.

In the third quarter, Suncor’s 50-day moving average fell as its stock weakened, but it held above its 200-day moving average at the end of the quarter. In the fourth quarter, the fall in oil prices and the decline in the equity market negatively affected the stock. Its 50-day moving average fell below its 200-day moving average. When a short-term moving average breaks below a long-term moving average, it’s considered a technically bearish sign.

What Do Suncor’s Moving Averages Suggest?

Suncor’s moving averages in the first quarter so far

At the beginning of the first quarter of 2019, Suncor’s 50-day moving average stood far below its 200-day moving average. However, so far in the quarter, Suncor stock has risen, affecting its 50-day moving average. Suncor’s 50-day moving average has increased 3%, moving closer to its 200-day moving average. Its 50-day moving average, which stood 14.8% below its 200-day moving average on January 2, now stands 9.2% below its 200-day moving average. Also, in the quarter, Suncor stock has crossed over its 50-day moving average—a positive sign.

The narrowing gap and crossover suggest positivity in Suncor stock’s movements. If the stock continues to rise, its 50-day moving average could cross over its 200-day moving average—a technically bullish sign.

Peers’ moving averages

Eni’s (E) 50-day moving average is sitting 4.2% below its 200-day moving average. Similarly, Equinor’s (EQNR) and Total’s (TOT) 50-day moving averages are 8.9% and 5.5% below their 200-day moving averages, respectively. PetroChina’s (PTR) 50-day moving average stands 9.3% below its 200-day moving average.

Latest articles

WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.

After FCC Chairman Ajit Pai recommended the approval of the T-Mobile–Sprint merger, Representative David Cicilline urged the FCC to allow public comment.

Cresco Labs (CRLBF) is set to report its Q2 earnings on August 21 after the market closes. The company's stock fell 5.3% yesterday.

Cannabis stocks mostly traded in positive territory today. Supreme Cannabis (FIRE) and Aurora Cannabis (ACB) rose about 9.5% and 5.5%, respectively.

NVIDIA (NVDA) stock soared 6% in today’s trading session as its Q2 earnings for fiscal 2020 beat estimates. However, its guidance missed estimates.

Nio Inc. (NIO) has disrupted the automotive space since 2014 but only made waves in the market since its IPO. Investors have suffered numerous setbacks.