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.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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