May 9, 2008
TSO - NYSE. This stock has formed a tight consolidation after smashing through support around $27 to form a new yearly low. The strong declining OBV accompanying the falling price shows the sellers firmly in control here. A penetration of the $24.20 low formed on the 1st of May should continue the slide to the downside and offer a trigger for entry into a short position.
Those experienced with trading Put Options may consider buying a slightly in-the-money Put with 3 months to expiry on the collapse of the $24.20 low.