VLO - Support Held, Looking Long
Valero Energy has been consolidating since early December after a pullback. The support level from a prior high established back on April 25th continued to hold as the price is just starting to break out from the level established on November 2, 2018. A purple dotted line will mark where a previous break out attempt failed so all longs will want to see the price successfully take this level out.
Note the bullish divergence with the stock price & the RSI since the stock has begun its consolidation from early December. The slow stochastic is exiting an oversold condition as well.
As stated above I want to see the price get higher than the dotted purple line. Assuming it does that, I have my Fibonacci extension levels noted with the dotted green lines. The dotted blue line is based on a traditional P&F chart using a 3-box reversal along with a value determined from a 20-day ATR.
Earnings are on January 30th BMO, so anyone planning on holding over a month should take that into account.
Note the bullish divergence with the stock price & the RSI since the stock has begun its consolidation from early December. The slow stochastic is exiting an oversold condition as well.
As stated above I want to see the price get higher than the dotted purple line. Assuming it does that, I have my Fibonacci extension levels noted with the dotted green lines. The dotted blue line is based on a traditional P&F chart using a 3-box reversal along with a value determined from a 20-day ATR.
Earnings are on January 30th BMO, so anyone planning on holding over a month should take that into account.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.