PBF Energy (PBF) is an energy name that is new to me but was just raised to an "overweight" fundamental rating by a major sell-side firm. The New Jersey-based company is a petroleum refiner and supplier of unbranded transportation fuels, heating oils, lubricants, petrochemical feedstocks, and other petroleum products. PBF also has a refinery in my new home state of Delaware so it caught my attention.
Let's check the charts and indicators.
In the daily bar chart of PBF, below, we can see that the stock have been gaining strength since August. The share price of PBF has advanced more than four-fold from its August nadir. Too bad this name did not hit my radar screen until now. Prices are correcting but remain comfortably above the rising 50-day moving average line and the rising 200-day moving average line.
The On-Balance-Volume (OBV) line also shows us a rise from August to confirm the price gains and show us using simple math that buyers of PBF have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is bullish but narrowing towards a possible take profit sell signal.