oldfolkie
Short

Head and Shoulders Top

BATS:TSO   TESORO CORP
79 0 0
This week I have posted two Oil             stocks that have Head and Shoulder Tops TSO             and CVX             . TSO             is probably a week behind CVX             at this point.
The H&S pattern is the most recognizable and ranked as Number 1 pattern for accuracy if all the requirements are met. TSO             is showing all except the last requirements and so you may want to place this on your watch list as they may be met shortly. Firstly it has broken an uptrend at the beginning of June. In August it broke the 200 day SMA and the neckline. The most important signal is the decline in volume from the right shoulder to the left shoulder using CMF             (you can also use OBV but the CMF             is more finely tuned). It has now nearly completed a 50% retracement to the neckline and the newly established downtrend line. It could still move to an extended neckline, but I expect it to breakdown in the next week or so. I will wait until it has clearly changed and confirmed a downtrend before entering a short. (as the old adage says, give someone else the first 20% and the last 20%, take the middle 60%).
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