The price of Suncor (SU) has not made a new low for the move down in February, but this is far from creating the technical climate or conditions for an intermediate-term rally.
The price of SU has had a big percentage decline in the past 12 months and from the peak in 2014, but that is not enough to generate an upside move. In the chart above you can see SU has been below its declining 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line has been pointed down since the end of May. The Moving Average Convergence/Divergence (MACD) oscillator has given a "cover shorts" signal with its crossover below the zero line.
In this longer-term chart of SU, above, we can see the price of SU has been more than cut in half as it has traded below the declining 40-week moving average. The OBV line on a weekly time frame has been moving with the price action, but it has not made a new low. The MACD oscillator is below the zero line. So while the short-term outlook shows some stability, the longer-term weekly chart has yet to bottom.