Suncor Energy stock price forecast: $87.68 resistance comes into view as SU trades up

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Suncor Energy up 1.03% at C$87.61

Highlights

Suncor Energy trades in a short-term consolidation phase but maintains strong medium- and long-term bullish momentum.
Daily momentum indicators signal conflicting bias, with upside potential favored despite modest intraday seller pressure and mixed trend signals.
Price is likely to remain within the C$86–C$89 range, with high probability of a bullish breakout above C$87.70–C$88 targeting C$89.50–C$90 resistance.

Mixed momentum and seller pressure at key technical lines

Technically, SU faces immediate resistance at the Ichimoku Kijun level of C$87.68 and is consolidating below the SMA-20 at C$88.98. Solid support is evident at the SMA-50 (C$83.21) and further below at the SMA-200 (C$65.31). Momentum indicators are mixed: the daily MACD gives a strong buy signal, but the ADX forecasts some weakness. The RSI reads 51.20, with a Stoch RSI of 26.14 suggesting mildly oversold conditions; CCI remains negative, reflecting seller pressure, while BBP is in oversold territory, with volatility at moderate levels and price holding near the day's midpoint.

Range-bound outlook as consolidation risk persists near resistance

In the near term, SU is expected to trade within the C$85.50 – C$89.70 volatility band relative to current levels. The most likely scenario is sideways movement between C$86 and C$89, with a high probability of consolidation. A breakout above C$87.70 – C$88 could prompt a test of resistance at C$89.50 – C$90, while a drop below C$85.50 may see further downside, though technical support is anticipated above this level.

Anton Kharitonov, expert at Traders Union, sees Suncor Energy consolidating near key technical levels with mixed momentum signals and notable resistance at C$87.68. He believes the lack of news flow, combined with seller pressure and only moderate support above C$85.50, keeps the short-term outlook defensive. Base case remains sideways within the C$86 – C$89 band unless a decisive breakout occurs. "Unless SU reclaims C$89 with strong volume, I remain cautious and await a clearer trend confirmation."

Earlier, analysts noted that Suncor Energy was exhibiting resilient momentum despite periods of sideways consolidation and mixed short-term technical signals. With SU now trading close to key resistance and momentum indicators giving mixed cues, traders should watch for a decisive move above C$88 as confirmation of a renewed bullish breakout.

Source of Data: SU Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.