Chart of the Day: Tesoro

Patterns and multiple patterns in a chart are a great way to re-inforce the direction.  For instance if a stock forms multiple support it generally means that the stock will reverse.  Today's stock Tesoro TSO has two chart patterns that are high probability outcomes.  It has a an ascending triangle and a cup pattern.  Both of these patterns are bullish break out patterns.  Both patterns suggest a consolidation phase and then a slight pull back set up the break out the pull back happened at the beginning of Jan and it is in the preliminary stages of breaking out.  A strong close above 46 will confirm the pattern.



Happy Trading
Brice