Is Tesoro Breaking Out?

Published on Wednesday, 25 January 2012 08:08 Written by Christian Paolinetti

New York, January 25th (TradersHuddle.com) - Shares of Tesoro Corporation (NYSE:TSO) closed the trading session at $24.90 just above calculated resistance at $24.67 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 stock was trading in a well defined range with support at $21.50 and resistance at $24.67, given that this range was broken traders will be closely monitoring the stock