CVR Energy (CVI) was upgraded to a BUY by TheStreet.com's quantitative service today. This is a good example of how different investment approaches can be combined to be more powerful than if used separately.
Let's go to the charts and indicators (apologies to Warner Wolf).
In this daily bar chart of CVI, below, we can see how strongly this stock has performed since August -- more than a double in about five months. Prices are above the rising 50-day moving average line and the rising 200-day line. A bullish golden cross of these two averages can be seen in early October. The On-Balance-Volume (OBV) line has been trending higher since the August nadir and tells us that buyers of CVI have been more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator turned up above the zero line at the end of August. This oscillator shows a little weakness now but that may not last all that long.
In this weekly bar chart of CVI, below, we can see that prices are well above the rising 40-week moving average line. A good bottom can be seen with a breakout over $25 last year. The weekly OBV line has been rising the past five months and the MACD oscillator on this time frame is very bullish.
In this Point and Figure chart of CVI, below, we can see an upside price target of $44.50.
Bottom line -- approach CVI from the long side. Risk a close below $34 while looking for gains to the mid-$40's and perhaps higher.