Long
TSO breaks out on higher volume - but earnings due today
I last looked at TSO in November 2014. At the time I concluded that the trend was up but it hadn't performed consistently enough to warrant a long-term buy.
I still stand by that analysis. Price is continuing to move up but the pullbacks are too deep - retracing back to the 200ma on the daily chart. It is using areas of support and resistance well but for a more linear trend we would want to see far smaller pullbacks.
With earnings due today, after the close, we can give this stock a bit more time to settle. The trend is up but not a buy opportunity just yet.
I still stand by that analysis. Price is continuing to move up but the pullbacks are too deep - retracing back to the 200ma on the daily chart. It is using areas of support and resistance well but for a more linear trend we would want to see far smaller pullbacks.
With earnings due today, after the close, we can give this stock a bit more time to settle. The trend is up but not a buy opportunity just yet.
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