Suncor Energy (SU) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SU broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
SU could be on the verge of another rally after moving 5.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Looking at SU's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on SU for more gains in the near future.
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