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In keeping with the theme of fleshing out my prior posts dealing with “easy” setups, let us examine the refiners from a purely technical perspective.
Starting off with the estimable weiner, WNR, we can see a fairly clean chart, in the sense that we have seen some strong buy volume over the past few months as price consolidated and then broke out above the $17.30 area. Recently, WNR pulled back in an orderly, benign manner. Today, the buyers have emerged again and have recaptured all moving averages. If you are trading this based on technicals, there would be nothing wrong with keeping a very tight stop below $17.30 here, as you would essentially be playing for a breakout right here, right now, as opposed to a continued consolidation.
Note also that with HOC and TSO, two other refiners, we have similar “easy” trade setups. Again, to drive the point home, an easy setup does not mean you automatically make money. Rather, it means that you have a chart at your disposal that makes risk management and stop loss placement pretty well-defined, thus making your trade plan simple and clear.
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Those charts look very similar. We will see what happens. Thanks for the two posts, that is VERY good service above and beyond the call of duty.
Thanks, no prob.
MY FAVOURITE GIFT
I am the Amazon.com for those gifts.
lol
“To drive the point home, an easy setup _does mean you simply automatically make money_. ”
Excellent. I could use some extra cash!
Ha! Caught the typo. Thanks.
Thumbs up, wiener down. Great post!
Thanks, brother.
Thank you Chess, VLO has a similar chart isn’t it?
Slightly weaker but along the same lines as the others. Thanks.
Charts do NOT look similar. I do not like WNR going up with decreasing volume.
Maybe it’s just me, but going up w/o strength is dangerous
zzz
The selling volume the prior week was benign on WNR
Gift wrapped like a DIAB:
http://www.youtube.com/watch?v=WhwbxEfy7fg