PBF: Interesting long in the makingPBF has broken the inside downtrend line, forming a mode after rallying above earnings resistance.
Free cash flow has turned positive recently, and the stock looks to be accumulated and ready to rally very soon.
The dividend yield is quite attractive and I think we can see some nice upside in due time intil FCF yield is low again.
Look to enter longs at market, specially if the day turns up tomorrow, keeping stops under 31, or using 3 times the ATR value for them.
PBF might benefit indirectly from the rising crude oil price, but it's a company that can do well even while crude is falling, which makes it an attractive stock to go long on dips.
Good luck if taking this trade.
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Cheers,
Ivan Labrie.
