Western Refining near Resistance

Published on Wednesday, 18 January 2012 06:36 Written by Christian Paolinetti

New York, January 18th (TradersHuddle.com) - Shares of Western Refining, Inc. (NYSE:WNR) are trading very close to calculated resistance at $15.59 with the current price action closing at just $15.24 placing the stock near levels that make it difficult to buy.

Western Refining, Inc. (NYSE:WNR) is an independent oil refiner and marketer headquartered in El Paso, Texas. The company refines crude oil and markets petroleum products, primarily gasoline, diesel, and jet fuel.

Western Refining's current stock range is defined by current calculated support defined at $12.88 and by the resistance level at $15.59, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Western Refining, as the stock is well above support, however, as the stock pulls back towards $12.88 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $15.59 then traders will get an opportunity to enter Western Refining stock by establishing a position as the stock moves to a higher range.