Oil Refiners Retreat

The major oil refining stocks are coming under some pressure this morning as spot oil trades at a new high for the year. Often when oil surges higher it will hinder the use of gasoline, and other refined oil products that are made by the major oil refiner companies.

This morning Tesoro Corp. (NYSE:TSO) is trading lower by 0.35 cents to $24.58 a share. Tesoro stock will have minor intra-day support around the $24.40 area. Should TSO stock decline further the $23.35 area will be the next important intra-day support level.

Valero Energy Corp. (NYSE:VLO) is trading lower this morning by 0.07 to $28.60 a share. Valero stock will have intra-day support around the $28.35 level. Should Valero stock decline further the stock will have more support around the $27.50 area.

Frontier Oil Corp. (NYSE:FTO) is another major oil refiner that is under some slight selling pressure this morning. FTO stock will have some intra-day support around the $27.00 area. Should the stock decline further the next important intra-day support area will be around the $26.50 level.

About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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