Trading Idea: What to Expect as Tesoro Breaks Resistance
Published on Wednesday, 16 January 2013 08:00 Written by TradersHuddle Wire
New York, January 16th (TradersHuddle.com) - Shares of Tesoro Corporation (NYSE:TSO) closed the session at $43.40 just above calculated resistance at $43.03. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $39.85 and resistance at $43.03. Given that this range was broken, traders will be closely monitoring Tesoro's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Tesoro is still near the broken resistance level, traders will be focusing on the $43.03 level to see if the stock holds the breakout without rolling over.
- KeyCorp Reports 2013 Dodd-Frank Act Mid-Cycle Stress Test Results
- KeyCorp To Present At The Barclays Global Financial Services Conference
- Randy Paine Named President Of KeyBanc Capital Markets
- KeyCorp Third Quarter 2013 Earnings Release Date And Conference Call
- KeyCorp Closes On Sale Of Victory Capital Management And Affiliate
- KeyCorp Reports Second Quarter 2013 Net Income of $193 Million, or $.21 Per Common Share
- KeyCorp Declares Quarterly Cash Dividend Of Five And One Half Cents
- KeyBank Selected To Pilot U.S. Global Business Solutions Initiative To Increase Small Business Exports
- Organic Growth, Not Merger and Acquisitions, is Driving Middle Market Expansion
- KeyCorp Second Quarter 2013 Earnings Release Date And Conference Call
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines