PBF: Potential start of the up move here

PBF             has a solid setup here, it's bound to breakout above the highs soon, so we can start buying gradually until it shoots up.

Good luck!

Ivan Labrie.
Comment: Tim West has shared this article with me, it's quite relevant: http://marketrealist.com/2016/10/integrated-energy-refiner-stocks-lead-short-interest-6/
Comment: "PBF Energy
Currently, PBF Energy’s (PBF) short interest-to-equity float ratio is 14.3%. One month ago, it was 11.1%. Three months ago, it was 7%.

In the past three months, PBF Energy’s stock has fallen 3.9%, while the short interest-to-equity float ratio rose 104% during the same period. Its net debt-to-EBITDA ratio was 0.5x in 1Q16 and its cash and cash equivalents were $1.4 billion."
Comment: From the Key Hidden Levels chatroom:
the Gasoline boost helps

this puts us against resistance
Comment: the short interest can lead to a massive short squeeze
Comment: the short interest can lead to a massive short squeeze
Comment: Now we're talking!
Trade closed manually: I'm out, waiting to reenter longs, either lower, or higher.
Comment: Nice dip to rebuy, I'll buy back gradually over a week from Monday close.
Comment: Good progress in the buy. I'm shorting the 30 strike calls, Jan 20 2017 expiry here, we might have hit a wall for a while.
Comment: We broke above the earnings level, if we see a daily high above it, on close, we can get rid of the short call and hold longs for more upside!
Comment: (and yes, double the position and place a stop at 27.67)
Trade closed manually: I sold at 28.96 for now.
Good idea to sell the 30 strike calls out to January.

Well done Ivan.
Nice chart we could have a close above the 200 MA on the daily today also. Looks good ! Thanks Luke
+1 Reply
IvanLabrie TheDukeUK
@TheDukeUK, thanks.
If long you can sell some calls at the money here, for 1 month. I'm out, and will rebuy lower, or if we consolidate here, simply rebuy the breakout of the consolidation above earnings resistance.
Good Job Ivan.

I own both HFC and PBF and very recently sold WNR ( I think the meat is mostly gone by now). Today is a good day for us PBF longs!
+1 Reply
IvanLabrie coolingla
Indeed, HFC was also widely shorted, so a good candidate for a squeeze too.
Thanks for your comments, good luck!
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