Western Refining, Inc. operates as an independent crude oil refiner
and marketer of refined products. The company’s 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. Its
Wholesale segment distributes gasoline, diesel fuel, and lubricant
products. The company’s Retail segment operates retail stores that sell
gasoline, diesel fuel, and convenience store merchandise. As of December
31, 2013, it operated 228 retail locations 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.
To review Western’s stock, please take a look at the 1-year chart of WNR (Western Refining, Inc.) below with my added notations:
WNR has been trading sideways for the last 8 months. Over that period
of time the stock has formed a common resistance area at $42 (blue). In
addition, the stock has also created a clear level of support at $36
(green). At some point the stock will have to break out of its current
consolidation.
The Tale of the Tape: WNR has levels of support at
$36 and resistance at $42. The possible long positions on the stock
would be either on a pullback to $36, or on a breakout above $42. The
ideal short opportunity would be on a break below $36.
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