Valero Broke Resistance
Published on Tuesday, 29 January 2013 07:12 Written by TradersHuddle Wire
New York, January 29th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) closed the session at $38.81 just above calculated resistance at $38.38. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
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 $28.56 and resistance at $38.38. 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 $38.38 level to see if the stock holds the breakout without rolling over.
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