Sunoco $SUN fell from a high on the year around $33 in January to a low around $25 at the start of April. It has since rebounded, but we should expected selling as price approaches $29. Sunoco (SUN) Daily Chart(click to enlarge)Pullback:- On the daily chart, we can see that the slide from $33 to $25 broke many key support factors including a rising trendline and the moving averages. - The rebound from $25 for now should be seen as a pullback to the bearish swing.- In this scenario, we should anticipate resistance as price approaches the $29-$30 area, where price will be testing the previously broken support as well as the 200- and 100-day simple moving averages (SMAs). - In the weekly chart, we can see that the trend since late 2014 has been bearish.- While price action may be flattened out more since 2016, the overall trend is still bearish. - With bearish winds behind its back, SUN might dip towards the $20-$22 area this year. For now, that is the maximum bearish outlook for respecting resistance at $29 to $30. - Note that the 100- and 50-week simple moving averages are also around $30. - So, if price breaks above $30, I would shelve the bearish scenario laid out above, and reassess by monitoring price action around $32 - a push above 32 opens up a bullish outlook.Sunoco (SUN) Weekly Chart(click to enlarge)