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May 20th, 2008

Selling Short Suncor (SU)

I don’t normally short stocks but some oil stocks are overbought buy any stretch of imagination. I decided to pick Suncor because of today’s move, stock is up +6.07% (just today). Let’s look at some charts.

The following is a short term daily chart of Suncor, note that the stock has been going up for 12 days or 28% percent.

2008-05-20 120757-C.SU - Candle 26d_1d

The next step is to look at history, is this move sustainable or will people start taking money of the table?

2008-05-20 121146-C.SU - Candle 6m14d_1d

And lastly, the Weekly chart also using channels.

2008-05-20 121313-C.SU - Candle 2y10m2d_1w

The last chart is a performance chart, comparing Suncor (SU), Canadian Natural (CNQ), $WTIC (Crude) and the Oil ETF (XLE).

image

I’m shorting the stock here and will sell within 3-5 days. Good luck to you.

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This entry was posted on Tuesday, May 20th, 2008 at 11:24 am and is filed under trades. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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