hmmmm, ADX is descending plus i don't see any volume to push it any more in addition to the weak MACD and STOCHS so i would wait or lock in pofits till things heat up a little to the up or downside as it should break though the 76-77 area, if not soon, a correction or a reversal would be due.
I used Friday to sell my VLO calls. I ended up giving back some profits, I had more than tripled my money, but it was only doubled after the big give back. I guess that I got a little greedy. Thanks for the post and responses though.
watch it.. refinery utilization at lows. rbob came back strong end of day. the bull is still in there.
The trend line it was climbing has been broken. There is still one support left as I outlined in my chart. That line going across the screen is where support might be found. If it goes under that line or the 50 day moving average, then you have a good short. The usual indicators like CMF and A/D line are indicating that some distribution is occuring. A few weeks ago there was a selloff on very high volume. In fact, look at that tall red line and go across the chart. I cant find a higher volume selloff in the last 6 months. I would not be long at this point and indeed a short position might be worthy of consideration although I would only play it when it violated the 50 day.
the trendline i have on the yearly frame still holds, don't which one you are talking about as it closed right on the trenline yesterday and today it took off.
Im curious to know how a potential recession(or at least a slowdown) combined with the winter will after this stock. crack spreads are so low right now
You refer to crack spreads as to => Crack Spreads The crack spread represents the theoretical refining margin. If a crack spread is a positive number then the price of the refined products is higher than that of crude oil, the raw material, and the spread is profitable. If the spread is a negative number, the products are priced at less than the cost of crude and are not profitable. The 3-2-1 crack spread is a commonly used formula in the oil industry, expresses the theoretical margin in dollars per barrel. ??