Petron Corporation (stock symbol: PCOR) surprised the market with a downside gap today, the same thing it did back in late-March.
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The March 27 downside gap printed a 11.58 low. Today, a marginal new 11-month low was set at 11.56.
Price needs to get back into the consolidation area between 12.00 and 13.00 (and try to break north, at least). Otherwise, price is bound to revisit the 2012 lows in the near term. 9.00-10.00 is critical long-term support. A move through 15.00 is necessary to keep Petron (barely) afloat. Resistance up until 17.00.
The Relative Strength Index (RSI) went straight to the 30 level after that gap.
TP’s Advice: Be careful of this stock.