It just was not WNR management, but the entire sector crashed.
TSO went also from $65 to $6.75, VLO from $78 to $14, FTO from $50 to $7.
WNR problem, the Yorktown dinasour that is not even worth half what they paid for it and they aquired it through the assumption of massive debt. The other issue is the asphalt business. With new construction non-existant, the demand for shingles and all forms of asphalt products is hurting. This is another part of WNR business that will not pick up any time soon.
This is one interesting company and I do believe you are correct that if we break out above $10.62, and if so, the rest of the move will be driven on technicals and not fundamentals.
WNR is currently trading at a premium to book value ($7.70). Several other refiners are trading at a discount to book value (TSO $22.73).
IMO, WNR is fairly valued here and any run should be taken with caution until it breaks and holds $10.62.
The big shorts are already in deep red and sitting on a volcano - They have tried to press it down to $8.7 level, but only to have found out that some big funds were waiting for them to make that huge mistake - it's suicidal, literally.
It has reversed harder - big buyers are not waiting, b/c they can't afford to wait for those shorts to try to suicide for a second time: not gonner happen.
The risk/reward at this stage is heavily tiled towards the buyers - the volcano will erupt anytime. You want to see an example? I gave you four already: VLO, HOC, TSO and FTO.