This could well have a major low in place, its been declining for years, the reasons why its been declining are not that important, although I would be a fool to say you should completely ignore the fundamentals, but if you do your due diligence and this stock shows promise, then a 3 wave pullback could well offer bullish traders an opportunity.

There is a clear 5 wave rally from the lows at 1.44, so simply put a 3 wave pull back is a buying opportunity, the risk control point is to 1.44.

There is great risk, but with that risk comes great reward. At least we know it has a clear risk control point at 1.44. Below that area is simply wrong.

There is a possibility of bankruptcy

There are many Oil refinery stocks that are at risk to bankruptcy, but if you can pick a few good ones with strong potential patterns, the winners should outweigh the losers once Crude oil eventually rallies and earnings increase. As I say high risk, high reward.

Note: if you are a member reading this post and you have access to the US markets section, let me know if you want this stock to be updated, you need to track this yourself, but if you are looking to buy a pullback. Send me an email and I will add an update to the site.

Do you have a stock that you want analyzing? Then why not purchase an Elliott Wave Report, it may just save you a small fortune.