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Sunoco (SUN) Signals Confirmation to Bullish Breakout

Earlier in the week, we observed that Sunoco (SUN) was retreating after a bullish break above a critical resistance around 31.50. We also anticipated support for SUN at around 30.00 GIVEN that the market is turning bullish. Indeed there was strong buying during the 8/9 session.

Sunoco (SUN) Daily Chart

(click to enlarge)

- As we can see on the daily chart, a break above 31.50 might have shifted the trend from sideways to bullish.
- Also, note that price has pushed above the 100- and 200-day simple moving averages (SMAs). The bounce off of 30.00 maintains price above this SMA cluster, confirming a bullish outlook.
- The bullish candle itself, which engulfed several sessions of price action, is also an indicator that bulls are gaining control.
- Furthermore, the RSI held above 40, which reflects maintenance of the prevailing bullish momentum.