PBF has a nice bullish setup in the daily chart. After an extended decline, it's likely to move back up to meet the weekly downtrend mode after the time projected in the weekly expired right at the bottom. Daily charts are setting up as bullish with RgMov making a new high ahead of price, and a potential Time at mode uptrend signal about to confirm if the next daily bar stays above 22.70 until the close. In any event, probability of a move up is considerable, and specially backed by rising crude, SPY, and the recent shortage of fuel in South America, which greatly benefits U.S. refiners like PBF. Long term longs can be established at these levels, risking a specific percentage weight in your portfolio, or perhaps you can take the technical setup here and go long risking either 3 times the daily ATR (I reccomend this) or risking a drop under 22.70 after Monday's close (if this level isn't retested).
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Cheers!
Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.25% on such information.
Kommentar
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PBF outperforming the market, shortages in gasoline are helping it rally.
I have WNR and CVRR. Both run up nicely. Recently added PBF. No reason PBF should stay down forever.
IvanLabrie
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It's a great long term play here, and a nice dividend yield too!
I shorted deep in the money calls against my position, for one month, will rinse and repeat while it accumulates down here.
coolingla
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I intend to hold WNR and PBF for a few years. For CVRR, will watch and decide overtime if it's a good long term hold.
PBF could run up much faster than we think.
IvanLabrie
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Yes, I think so. But meanwhile, income is income. (also downside protection)
I have WNR and CVRR. Both run up nicely. Recently added PBF. No reason PBF should stay down forever.