Is Valero Closing in to Resistance?

New York, December 24th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) are trading very close to calculated resistance at $34.50. The stock ended the trading session at just $34.14, which is near levels that make it difficult to buy or start a position.

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's stock range is defined by its calculated support defined at $28.56 and by the resistance level at $34.50; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Valero. However, as the stock pulls back towards $28.56 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $34.50 then traders will get an opportunity to enter the stock as it moves to a higher range.

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,959.44 ▲154.64 (0.87%)
o S&P 500 2,078.54 ▲7.89 (0.38%)
o NASDAQ 4,781.42 ▲16.04 (0.34%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,959.44 Trade time:4:35PM EST Value change:▲154.64 (0.87%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,078.54 Trade time:4:35PM EST Value change:▲7.89 (0.38%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,781.42 Trade time:5:16PM EST Value change:▲16.04 (0.34%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.