Alon USA Energy, Inc. (NYSE:ALJ) looks ready for a long-awaited breakout move

Alon USA Energy, Inc. (NYSE:ALJ) — Shares of this oil refining company perked up in Thursday trade and made a good attempt at breaking past a pesky and obvious horizontal line of resistance. As a result, they look closer to a long-awaited breakout move.

ALJ stock rose 2% on Thursday, likely due in part to news the company is looking at options to expand its refinery in Big Spring, Texas. But the bigger picture driver for the sector is the U.S. dollar. While I think we may see one more bounce in the greenback heading into summer, the near-term trend remains down, which is bullish for commodities like oil and related stocks.  (more)

Please share this article