Tesoro near Resistance

Published on Friday, 20 January 2012 09:12 Written by Danny Miller

New York, January 20th (TradersHuddle.com) - Shares of Tesoro Corporation (NYSE:TSO) are trading very close to calculated resistance at $24.67 with the current price action closing at just $24.07 placing the stock near levels that make it difficult to buy.

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.

Tesoro's current stock range is defined by current calculated support defined at $21.50 and by the resistance level at $24.67, 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 Tesoro, as the stock is well above support, however, as the stock pulls back towards $21.50 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 $24.67 then traders will get an opportunity to enter Tesoro stock by establishing a position as the stock moves to a higher range.