Near Key Levels - Tesoro

Published on Friday, 13 January 2012 06:52 Written by Christian Paolinetti

New York, January 13th (TradersHuddle.com) - Shares of Tesoro Corporation (NYSE:TSO) closed the trading session at $23.36 near its 50 day and 200 day moving averages currently set at $24.10 and $23.66 respectively. Tesoro's price action is below these important levels, which makes the stock difficult to buy, as there will certainly be resistance as it approaches these important moving averages.

Tesoro Corporation (NYSE:TSO) refines and markets petroleum products, and provides transporting services. The Company operates refineries, as well as a network of retail and refueling stations in the western United States. Tesoro also markets gasoline and diesel fuel to independent marketers and commercial end users.

Latest price action range, defined by a peaks and troughs algorithm placed calculated support at $21.50 and calculated resistance at $24.30. These levels should be watched by traders, as they provide insight into the latest price dynamics in Tesoro shares.

Traders should evaluate their options if they want to establish a position on Tesoro given the heavy resistance expected near the 50 and 200 day moving averages. A trade might be evident as the stock manages to break these moving averages, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will closely evaluate are the ones defined by the peak and troughs algorithm that provides great price level reference points.