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Possible Bearish Inside Day Candle Pattern Detected for Tesoro Corp (NYSE:TSO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tesoro Corp (NYSE:TSO) based on the price action in the company's shares. Today's price range of $97.01 and $97.47 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Tesoro Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tesoro Corp has overhead space with shares priced $97.03, or 9.9% below the average consensus analyst price target of $107.67. The stock should find initial support at its 200-day moving average (MA) of $95.39 and further support at its 50-day MA of $84.71.

Tesoro Corp share prices have moved between a 52-week high of $97.76 and a 52-week low of $69.49 and are now trading 40% above that low price at $97.03 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.3%.

Tesoro Corporation refines and markets petroleum products and provides transporting services. The Company operates refineries, as well as a network of retail and refueling stations in the western United States. Tesoro also markets gasoline and diesel fuel to independent marketers and commercial end users.

SmarTrend recommended that subscribers consider buying shares of Tesoro Corp on May 9th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $83.01. Since that recommendation, shares of Tesoro Corp have risen 17.5%. We continue to monitor TSO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle tesoro corp

Ticker(s): TSO