Tesoro Corporation (NYSE: TSO)

TSO had rallied from a low of $35 in November to a peak of $65 in May. Over the last (6) months the stock had created a very important level of support at $50 (purple), which was also the “neckline” support for the H&S pattern.

Tesoro Corporation (NYSE: TSO)

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Todays Big Stock: Tesoro Corporation (NYSE: TSO)

It is nearly impossible to discuss chart patterns on stocks without eventually discussing the very common Head and Shoulders (H&S) pattern. An H&S pattern is a reversal pattern that forms after an uptrend. A textbook H&S pattern starts to form when a stock rallies to a point and then pulls back to a particular level… Continue Reading »