Above Resistance: Valero
Published on Monday, 17 September 2012 07:48 Written by TradersHuddle Wire
New York, September 17th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) closed the session at $33.75 just above calculated resistance at $33.60. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $24.66 and resistance at $33.60. Given that this range was broken, traders will be closely monitoring Valero's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Valero is still near the broken resistance level, traders will be focusing on the $33.60 level to see if the stock holds the breakout without rolling over.
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