Refinery Stocks Get Smoked, Watch This Daily Chart Level For HFC

Dec. 04, 2013 10:54 AM ETVLO, ANDV, PSX, DINO, WNR
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This morning, the leading oil refinery stocks are trading sharply lower at the start of the day. Over the past few days the price of oil has rebounded and often higher oil prices will hurt the refinery stocks due to contango. Some of the leading oil refinery stocks that are falling today include Phillips 66 (PSX), Tesoro Corporation (TSO), Marathon Petroleum Corporation (MPC), and HollyFrontier Corporation (HFC) just to name a few companies in the industry group. Swing traders should watch for near term daily chart support for HFC stock around the 443.70 level. This is an area where the stock was defended by the institutional money and should hold up when initially retested.

Nicholas Santiago

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