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