This morning, most of the leading refinery stocks are declining sharply lower at the start of the session. One of the leading refinery stocks that are coming under severe selling pressure is Tesoro Corporation (NYSE:TSO). Today, TSO is trading lower by $2.04 to $50.94 a share. Day traders looking to profit from the quick bounces in the stock should watch for some intra-day support around the $50.76, and $50.24 levels. Should those support levels fail to hold as support the $49.25 level could get tested.
Some of the other leading oil refinery stocks that are also coming under selling pressure include Valero Energy Corporation (NYSE:VLO), Alon USA Energy, Inc. (NYSE:ALJ), Western Refining, Inc. (NYSE:WNR), and Valero Energy Corporation (NYSE:VLO). These stocks are highly affected by the price of crude oil. Today, crude oil traded above the $105.00 level which is a new 52 week high.
Post by: Nick Santiago