RE:Nice swing trade set up here! NAL
I am a little cautious for Wednesday's crude draw because of refinery outages in the US due to freezing weather. Just worried because if those fail and market overreacts and takes them out of context (if a build) there might be a drop in oil prices which could see Newalta fall further. Hoping that large distillate and gasoline draws can offset any negative effects of a build.
I think there is support just above $1 but if crude gets ugly, I could seriously see Newalta take another dive, just because of how quickly it went up and how fast some recent buyers can take profits.
Needless to say, I will also add more positions on Tuesday possibly. The rally is looking for real with this stock and Q4 are less then a month away.