Frontier Oil (NYSE:FTO) traded in a range yesterday that spanned from a low of $12.26 to a high of $12.86. Yesterday, the shares fell 3.83%, which took the trading range below the 3-day low of $12.57 on volume of 3.1 million shares.
Shares of Frontier Oil are currently trading below their 50-day moving average (MA) of $13.45 and below their 200-day MA of $13.35. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Frontier Oil and our subscribers were alerted to Sell on May 21, 2010 at $13.64. The stock has fallen 9.8% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $12.57 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Oil & Gas- Refining and Marketing industry.