Meanwhile, it doesn't take an expert technical analyst to figure out what's going on in shares of $3.3 billion refinery stock CVR Refining ( CVRR). This stock is showing traders about as simple a setup as it gets: a downtrending channel. With shares testing resistance this month, it's time to unload CVRR.
CVRR's price channel has provided traders with a high-probability range for shares since the middle of the year. Despite the last four attempts at pushing through trendline resistance, shares have been swatted down on each attempt. A move all the way down to support looks likely at this point.Relative strength has been bleeding off over the course of 2013, an indication that CVRR isn't just moving lower on an absolute basis, it's digging itself much deeper versus the broad market as the year progresses too. If you still own shares, selling now is likely to spare more of your capital from what's to come.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts