Suncor Energy Has A Bright FutureJan 20, 2023

Suncor Energy has a bright future, as we see it turning bullish since March 2020 lows by Elliott wave theory.

Energy stocks are very bullish and looks like they will fly high in upcoming months/years. One of them is Suncor Energy with ticker SU, which is a Canadian integrated energy company based in Calgary, Alberta. It specializes in production of synthetic crude from oil sands. In the 2020 Forbes Global 2000, Suncor Energy was ranked as the 252nd-largest public company in the world.

Suncor Energy Has A Bright Future SU Weekly Chart
SU Weekly Chart

If we take a look at the weekly chart from Elliott wave perspective, after huge and completed weekly (A)-(B)-(C) corrective decline, ended on March 2020, we can see strong and impulsive recovery in progress. And, with broken channel resistance line connected from the highs, it can easily send the price higher within a projected five-wave cycle, at least towards 50 area, if not even higher, however, in the future, most likely back to all-time highs.

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