Trading Idea: - Is Valero close to Resistance?
Published on Tuesday, 08 January 2013 07:52 Written by TradersHuddle Wire
New York, January 8th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) are trading very close to calculated resistance at $35.66. The stock ended the trading session at just $34.35, 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 $35.66; 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 $35.66 then traders will get an opportunity to enter the stock as it moves to a higher range.
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