Company Description: Suncor Energy, Inc., together with its subsidiaries, operates as an integrated energy company in Canada. It operates through four segments: Oil Sands, Natural Gas, Energy Marketing and Refining, and Refining and Marketing. The Oil Sands segment recovers bitumen, primarily through oil sands mining and in-situ development, and upgrades it into refinery feedstock, diesel fuel, and by-products. This segment offers light sweet crude oil/diesel and light sour crude oil/bitumen. The Natural Gas segment explores, acquires, develops, and produces natural gas and natural gas liquids from reserves in western Alberta and northeastern British Columbia. This segment also acquires land and explores for coal bed methane in the United States. The Energy Marketing and Refining segment refines crude oil into a range of petroleum, petrochemical, and biofuel products. It offers gasoline, diesel, jet fuels, petrochemicals, heating fuels, and heavy fuel oils for industrial, wholesale, commercial, and retail customers principally in Ontario and Quebec. This segment also engages in third party energy marketing and trading activities. The Refining and Marketing segment refines and markets jet fuels, diesel, gasoline, and asphalt. This segment also transports crude oil through wholly or partly owned pipelines in Wyoming and Colorado. In addition, the company carry on energy trading activities focused principally on buying and selling futures contracts and other derivative instruments based on the commodities it produce. Suncor Energy sells its products in the United States, Canada, and Europe. The company, formerly known as Suncor, Inc., was founded in 1953 and is headquartered in Calgary, Canada.

Our Analysis: The shares of Suncor Energy 'SU' moved sharply higher on substantially heavier than normal trading volume yesterday. In the process s they closed above a key upside resistance level. The shares of 'SU' should continue to move higher and test $24.48 per share, a point of upside resistance established on January 8th, of this year. If the shares of 'SU' close above that level, as I expect they will, then the shares of 'SU' should continue to move higher and test $33.71/share, the point from which they gapped lower on the open of trading on October 6th, 2008. I see downside support on the shares of 'SU' @ $21.39/share, and have set my stops accordingly at $20.93/share.