Summary
· The stock fell sharply with the prices of crude but now that crude has reached $60 and the stock has moved back down to re-test the 2007-2008 highs (this time as support) I believe that this dip could provide a buying opportunity
· Looking at the weekly chart the stock is trading in a rising channel with trend line support at 41.50
· A reasonable target would be the 200dma which stands at 48.35
Strategy: Long from 42.66, target 48.00 with a stop on a close below 40.50
Weekly chart
Monthly chart