Western Refining, Inc. (NYSE: WNR)

Western Refining, Inc. operates as an independent crude oil refiner and marketer of refined products. It operates in three segments: Refining, Wholesale, and Retail. The Refining segment owns and operates two refineries, and related refined product distribution terminals and asphalt terminals, as well as operates a crude oil gathering pipeline system. This segment offers crude oil and other feedstocks into refined products, such as gasoline, diesel fuel, jet fuel, and asphalt to the wholesale distributors and retail chains. The Wholesale segment distributes gasoline, diesel fuel, and lubricant products. The Retail segment operates retail stores that sell gasoline, diesel fuel, and convenience store merchandise. As of February 22, 2013, it operated 222 retail stores in Arizona, Colorado, New Mexico, and Texas; a fleet of crude oil and refined product truck transports; and a wholesale petroleum products distributor that operates in Arizona, California, Colorado, Nevada, New Mexico, Texas, Maryland, and Virginia.
Please take a look at the 1 yr. chart of WNR (Western Refining, Inc.) that I have shown below with my added notations:
WNR has formed a small channel with a slight uptrend to it over the last (3) months. A channel is simply formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to a channel, I always tell my students that any (3) points can start the channel, but it's the 4th test and beyond that confirm it. You can see that WNR has multiple test points between the channel resistance (red) and channel support (blue). Following the WNR channel can provide you with both long and short trading opportunities.
The Tale of the Tape: WNR has formed a common chart pattern know as a channel, in this case, an up-channel. A long opportunity could be entered on a pullback to the channel support, which at this point seems to be around $30. Short trades could be entered at channel resistance OR if WNR were to break below the channel support.
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