Click to EnlargeCVR Refining LP (NASDAQ:CVRR), which just went public this January, is a refining partnership offshoot of Carl Icahn’s CVR Energy (NYSE:CVI). The company, headquartered in Sugar Land, TX, owns oil refineries in Kansas and Oklahoma that can produce 115,000 and 70,000 barrels of oil per day, respectively.
CVRR traded in an ascending wedge pattern in its first few months of trading, then broke out and backtested. Yesterday the stock closed right around its 50-day moving average, a good entry point. My Trending 123 Pattern Scan powered by Recognia shows support for the stock at $29.80.
I recommend buying to open this brand-new growth stock and staggering your profits up through the $40s for a $45 target.
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InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the Open, Parabolic Options and Trending123. For more information on which service is for you click here.