Daily Comments
Tesoro Back in Favor
27.01.2012 14:22:00 Zareena Sayeedova, Leading Analyst, Global Markets (Finam)
In early January 2012 shares of oil refiner Tesoro (NYSE:TSO), as we expected, slid into the range of USD 21.50 to USD 22.00, which we read as an attractive local low for launching new long positions. In fact, after this the stock continued to head north fast and has gained 19% since January 5.
We believe that the stock’s upside potential has not yet played out and technically a short-term uptrend is plain to see, and no sell signals are yet discernible. A bullish pattern (three advancing white soldiers) shaped up on the candlestick chart, the stock price managed to hold above the Ichimoku Cloud, and directional movement indicators are diverging, which shows buying sentiment is gaining momentum.
Source: Reuters
Based on the above, we expect Tesoro shares to grow within a month or so and assume the stock could easily reach USD 27.00.
