20 Mar

What Do Suncor’s Moving Averages Suggest?

WRITTEN BY Maitali Ramkumar

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

Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.

The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.

Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.

Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.

14 Jun

IEA Again Slashes Its Oil Demand Growth Estimate

WRITTEN BY Rabindra Samanta

As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.

Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.

172.31.16.229