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Oil Refinery Stocks On Fire, But Sector Is Now Overbought

NYSE:TSO   TESORO CORP
129 1 0
Today, the major stock indexes are coming under broad based selling pressure with most industry groups trading lower. There is one sector that is in rally mode, and that is the oil             refinery stocks. Leading oil             refinery stocks such as Phillips 66             (NYSE:PSX), Tesoro             Corporation (NYSE:TSO), Valero Energy Corporation (NYSE:VLO), and Western Refining, Inc. (NYSE:WNR) are all trading higher during the trading session.

All of these stocks have benefited from the recent decline in crude prices, however these stocks are now very overbought on a technical basis. The upside for this industry group should be limited from here. Traders and investors should now watch for a pullback or consolidation in the leading oil             refinery stocks before seeing higher prices.

Nicholas Santiago
http://www.InTheMoneyStocks.com
Look at that fall... nice red bar sell off right from the level noted in the chart. Hope some of you traded that move
Oil Refinery Stocks On Fire, But Sector Is Now Overbought
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