Trading Idea - Tesoro Broke Resistance, What to Expect?

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Trading Idea - Tesoro Broke Resistance, What to Expect?

Published on Wednesday, 08 February 2012 07:20 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Tesoro Corporation (NYSE:TSO) closed the trading session at $27.04 just above calculated resistance at $25.97 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 $24.16 and resistance at $25.97, given that this range was broken traders will be closely monitoring the stock

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