TSO gaps up on higher volume - again

TSO gapped up on 31st October above the long-term pivot high of $65.75 and the more recent September pivot high of $67.07.

The October gap was too soon to consider a long-term buy as price had not really cleared 2013s high of $65.75. Thursday's bar offered a better opportunity with a break above the November high with a clearly bullish bar. Despite the subsequent gap up on Friday this bar was not bullish - in fact it was on the bearish side - although volume was higher.

If you managed to buy into TSO on Friday then a long term position could well pay off. If not then you may prefer to wait for price to develop a little more into a more substantial trend. It does offer a buy opportunity but maybe not just yet for the more cautious, longer-term trader.