NEW YORK (TheStreet) -- Breadth numbers were showing twice as many stocks declining as rising this morning, so finding one of those stocks going up is a bit harder. One name that looks promising is Tesoro  (TSO) .

TSO has had a nice upward progression so far this year, chart above, with every sideways consolidation followed by an upside breakout to a new high. The rally is more impressive when you look at the past two years, below, when you can see that TSO doubled while our favorite technical indicators are still bullish.

The long-term picture showing the advance from the late 2008 low, below, is still more impressive and speaks for itself.

A point and figure chart, below, reinforces our bullish outlook for TSO. Notice the rising intraday lows. Buyers have been more aggressive on each pullback in the past year.

Now that we have you convinced of the bull case for TSO, what can we expect on the upside? Traders should set their sights on $114 and then $124 as targets, while a decline to $92 would get us to check our charts again, just in case a breakdown was beginning.

Separately, TheStreet Ratings team rates TESORO CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TESORO CORP (TSO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and attractive valuation levels. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Powered by its strong earnings growth of 171.76% and other important driving factors, this stock has surged by 51.88% over the past year, outperforming the rise in the S&P 500 Index during the same period. Regarding the stock's future course, although almost any stock can fall in a broad market decline, TSO should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • TESORO CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, TESORO CORP increased its bottom line by earning $6.69 versus $2.83 in the prior year. This year, the market expects an improvement in earnings ($12.70 versus $6.69).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income increased by 159.8% when compared to the same quarter one year prior, rising from $224.00 million to $582.00 million.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. When compared to other companies in the Oil, Gas & Consumable Fuels industry and the overall market, TESORO CORP's return on equity exceeds that of the industry average and significantly exceeds that of the S&P 500.
  • You can view the full analysis from the report here: TSO