Refiners For The Win
- Posted by Greg Harmon
- on January 7th, 2014
Oil had a run higher and refiners went with it. But then Oil pulled back and a funny thing happened. The refiners have been refusing to fall off. Their charts look like they are setting up for another run higher. HollyFrontier, $HFC, has been consolidating under the prior resistance level at 50 for two weeks. If it were to break higher it carries a Measured Move to
54. And the Relative Strength Index (RSI) is holding above the mid line (bullish) but the MACD is starting to look lower. If it is going to break higher now would be a good time technically. Another name, Tesoro, $TSO, is consolidating in a symmetrical triangle after moving higher from a prior triangle centered on 48. A break higher on this name carries Measured Moves to 62.20 and then 67.30. It also has a healthy RSI and the MACD on this name is leveling.
Maybe these come as no surprise to you as another name, Valero, $VLO, has just refused to quit rising. It has been moving straight up since early October and shows no signs of stopping. If you are holding $VLO then congratulations. If not then look for one of these other names to start a move.
Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through December 2013 Expiry and sign up here for the free 7 day trial before you pay.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
- Top Trade Ideas for the Week of September 22, 2014: The Rest Premium
- Top Trade Ideas for the Week of September 22, 2014: The Best
- SPY Trends and Influencers September 20, 2014
- Macro Week in Review/Preview September 19, 2014
- Dragonfly Capital Views Performance Through September 2014 Expiry
- Recent Webinar: Technical Analysis For Options Trading
- Premium Earnings 9-19-14
- Some Perspective on Breadth
- Buy a Pint and Handle of Brew
- Premium Earnings 9-18-14