The stock can't seem to find any footing - ALJ is making new 52-week lows while the market is making or testing new highs. While the group is lagging, ALJ is getting crushed, down about -41% year to date and down almost 50% from its high in February. The downside volume really accelerated late in the trading session as crack spreads were off $1.00+ on the 321 cracks. More importantly, the crude differential between Brent and WTI narrowed to $3.08 so margins are getting crushed. It is going to be very difficult to make any $$ in Q3 and the stock looks like it is getting ready to get "flushed" into the single digits. The 200-day moving average is at $10.36 and if we don't hold the 200-day, the high $8's look very likely. The longer term picture is better but we need the Brent/WTI differential to widen or its going to be a tough Q3 and Q4 - this is going to get really bumpy.
If you look up its 1 year rsi, it is the right time to own this stock. Buy here at this level and ride it till 20.00 or thereabouts. Be greedy when everyone is fearful and be fearful when everyone is greedy - W. Buffett.