Is Valero Closing in to Resistance?

New York, January 28th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) are trading very close to calculated resistance at $38.38. The stock ended the trading session at just $38.10, 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 $38.38; 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 $38.38 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 16,591.24 ▼289.12 (-1.71%)
o S&P 500 1,934.03 ▼36.04 (-1.83%)
o NASDAQ 4,375.85 ▼87.06 (-1.95%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,591.24 Trade time:3:36PM EDT Value change:▼289.12 (-1.71%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,934.03 Trade time:3:36PM EDT Value change:▼36.04 (-1.83%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,375.85 Trade time:3:36PM EDT Value change:▼87.06 (-1.95%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.