Sunoco (SUN) broke support around 26 with a sharp decline in June. After reversing course in early July, the stock surged back to broken support, which now turns into resistance. Notice how the stock pulled back with high volume on Thursday. This is a big resistance test.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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