Tesoro Corporation engages in petroleum refining and marketing
activities in the United States. The Refining segment refines crude oil
and other feed stocks into transportation fuels, such as gasoline,
gasoline blend stocks, jet fuel, and diesel fuel, as well as other
products, including heavy fuel oils, liquefied petroleum gas, petroleum
coke, calcined coke, and asphalt. The TLLP segment owns and operates a
network of approximately 3,500 miles of crude oil, refined products, and
natural gas pipelines; 28 crude oil and refined products truck and
marine terminals; and approximately 9 million barrels of storage
capacity. The Retail segment sells gasoline and diesel fuel through
multi-site operator retail stations, and third-party branded dealers and
distributors in the western United States.
Take a look at the 1-year chart of Tesoro (NYSE: TSO) below with my added notations:
Double tops are reversal patterns and are as simple as they sound:
Rallying up to a point (T), selling off to a support, and then rallying
back up again to approximately the same prior peak (T). TSO appears to
have formed a double top price pattern (blue) over the last 2 months. As
with any price pattern, a confirmation of the pattern is needed. TSO
confirmed its pattern by breaking the $84 support (red) that was created
by the double top pattern.
The Tale of the Tape: TSO has broken down from its
double top and should be moving lower overall. A short trade could be
made on any rallies back up to $84, while a long trade could be made if
the stock were to break back above that level.
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