Tesoro Is Near a Key Resistance Area
Published on Thursday, 21 March 2013 08:48 Written by TradersHuddle Wire
New York, March 21st (TradersHuddle.com) - Shares of Tesoro Corporation (NYSE:TSO) are trading very close to calculated resistance at $59.56. The stock ended the trading session at just $58.88, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $55.05 and by the resistance level at $59.56; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Tesoro. However, as the stock pulls back towards $55.05 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $59.56 then traders will get an opportunity to enter the stock as it moves to a higher range.
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:17,719.85 Trade time:3:35PM EDT Value change:▲226.92 (1.30%)
S&P 500Company ID [INDEXSP:.INX] Last trade:2,077.05 Trade time:3:35PM EDT Value change:▲29.01 (1.42%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:4,861.06 Trade time:3:35PM EDT Value change:▲95.27 (2.00%)
In The Wires
GW Pharmaceuticals Commences Phase 1 Clinical Trial of GWP42006 as a Potential Treatment for Epilepsy
NTT Communications and JBA's SDN Project Wins IBC 2013 Innovation Award
Frost & Sullivan Honours Interactive Intelligence with its EMEA Contact Centre Company of the Year Award
AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
$500,000 Shopify Build a Business Competition Has Just Been Announced for 2013
Solomon Associates Hydrocarbon Loss Reduction Seminar Shares Practices that Lead to Significant Savings
AT&T 4G LTE Available In Willimantic
AT&T 4G LTE Available In Torrington