Valero Near the 200 Day

Published on Wednesday, 01 February 2012 06:48 Written by TradersHuddle Staff

New York, February 1st (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) traded at $23.99 close to its 200 day moving average currently set at $23.37. Valero's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

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.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $19.12 and calculated resistance at $24.86. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Valero stock.

Traders wanting to establish a position on Valero will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.