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The Tesoro Corp. oil refinery in Nikiski, Alaska

AL GRILLO/AP

Tesoro Corp. had been building a base for most of 2009 and 2010 (dashed lines). The stock then started a new up-leg that culminated with a high of $28.74 in April, 2011 (A.) Subsequently, the stock pulled back to its rising 40-week moving average and to support (B – former "ceiling" becomes "floor" – dashed line). Recent price action (C) suggests the stock appears ready to resume the long-term up-trend. Only a decline below $20-$21 would be negative.

Point & Figure measurements provide targets of $34 and $37. Higher targets are visible.

Monica Rizk is the senior Technical Analyst for Phases & Cycles Inc. (www.phases-cycles.com) . Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.

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Chart source: www.decisionplus.com

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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