PBF Logistics LP (PBFX) Given Sell Signal From the MACD Near-Term Reading

Investors and traders often take support and resistance levels into consideration. The support is simply a level where a stock may see a bounce after it has dipped. If the stock price is able to break through the first support level, the attention may shift to the second level of support. The resistance is the opposite of support. As a stock rises, it may see a retreat once it reaches a certain level of resistance. After a recent check, PBF Logistics LP (PBFX)’s first resistance level is $19.42, and the second resistance level is $19.58. On the other side, investors are watching the first support level of $19.07, and the second support level of $18.88.

Shifting focus, we’ll look at what some of the short term technical indicators are reading for shares of PBF Logistics LP (PBFX).  The signal from the 20-day moving average is revealing a “Buy”.  The 20-50 day MACD Oscillator, which can be used to identify bullish or bearish directional movement is currently showing a “Sell” signal.

In attempting to identify a general trend, we note that PBF Logistics LP (PBFX) currently shows a Sell, according to the Trendspotter signal.  Trendspotter signal is determined by combining momentum, volatility and a bit of wave theory to assist in identifying a directional trend of a stock.  PBF Logistics LP’s 20-day Bollinger is showing a “Hold” and the 20-Day MA signals a “Buy”.  Trendspotter is compared to the historical performance where maximum would be considered the strongest, and minimum would be touted as the weakest. In terms of direction, the trendspotter signal is currently Strongest. This signal may indicate if the Buy or Sell is weakening or gaining strength, or if the Hold is leaning towards a Buy or Sell.

Presently, PBF Logistics LP (PBFX) has a 14-day Commodity Channel Index (CCI) of 68.58. The CCI technical indicator can be used to help determine if a stock is overbought or oversold. CCI may also be used to help discover divergences that could possibly signal reversal moves. A CCI closer to +100 may provide an overbought signal, and a CCI near -100 may offer an oversold signal.

Tracking other technical indicators, the 14-day RSI is presently standing at 50.41, the 7-day sits at 54.24, and the 3-day is resting at 44.62 for PBF Logistics LP (PBFX). The Relative Strength Index (RSI) is a highly popular technical indicator. The RSI is computed base on the speed and direction of a stock’s price movement. The RSI is considered to be an internal strength indicator, not to be confused with relative strength which is compared to other stocks and indices. The RSI value will always move between 0 and 100. One of the most popular time frames using RSI is the 14-day.

Moving averages have the ability to be used as a powerful indicator for technical stock analysis. Following multiple time frames using moving averages can help investors figure out where the stock has been and help determine where it may be possibly going. The simple moving average is a mathematical calculation that takes the average price (mean) for a given amount of time. Currently, the 7-day moving average is sitting at 19.25.

Let’s take a further look at the Average Directional Index or ADX. The ADX measures the strength or weakness of a particular trend. Investors and traders may be looking to figure out if a stock is trending before employing a specific trading strategy. The ADX is typically used along with the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) which point to the direction of the trend. The 14-day ADX for PBF Logistics LP (PBFX) is currently at 19.38. In general, and ADX value from 0-25 would represent an absent or weak trend. A value of 25-50 would support a strong trend. A value of 50-75 would signify a very strong trend, and a value of 75-100 would point to an extremely strong trend.