Shorting SU - Suncor Energy Inc 022307

SU - Suncor Energy Inc. is a stock pick I’m selling short. The stock gapped higher today, and kissed the 50 day moving average. Trading has been sinking from there. I like the way the moving averages are heading down in the direction of my trade.

Entry into this trade was taken after SU confirmed a downtrend on the 15-minute chart. A lower high pivot followed by a break below the day’s low was the area I sold shares short first. I doubled my risk R at point 2. The stock bounced on the daily chart at it’s 20 day moving average. SU will have to move through resistance at 74.15, and the 50 dma to hit my stop loss. Target for 1/2 is 2R, and 4R for the rest.

I will swing trade this stock pick over night if the targets or stops aren’t reached.