Valero Looking at the Abyss

Published on Thursday, 26 August 2010 12:37 Written by Christopher Lynn

New York, August 26th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) booked a new 52 week low by trading below $15.72, traders are definitely monitoring Valero's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Valero Energy Corporation (NYSE:VLO) is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba. The Company produces conventional gasolines, distillates, jet fuel, asphalt, and a series of petrochemicals and lubricants.

Valero is currently trading -2.05% versus its previous trading session close, and it has calculated support and resistance at $16.29 and $18.39 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading flat by 0% from its previous trading close, which means that Valero stock is underperforming the overall market.