Valero Broke Resistance

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.



Related Articles

    Related Partner Headlines

      What’s the next under-$10 stock that could be ready to skyrocket? Find out now when you join David Peltier at Stocks Under $10.

      TradersHuddle Search

      Stock Search:


      Site Search:

      Loading

      Technical Scans

      Recent Trading Ideas

      Latest Partner Headlines

      Stock Market

      Loading
      Chart
      o Dow Jones 16,399.67 ▲19.26 (0.12%)
      o S&P 500 1,904.01 ▲17.25 (0.91%)
      o NASDAQ 4,316.07 ▲57.64 (1.35%)
      INDEXDJX:.DJI

      Dow Jones

      Company ID [INDEXDJX:.DJI] Last trade:16,399.67 Trade time:4:31PM EDT Value change:▲19.26 (0.12%)
      INDEXSP:.INX

      S&P 500

      Company ID [INDEXSP:.INX] Last trade:1,904.01 Trade time:4:31PM EDT Value change:▲17.25 (0.91%)
      INDEXNASDAQ:.IXIC

      NASDAQ

      Company ID [INDEXNASDAQ:.IXIC] Last trade:4,316.07 Trade time:5:15PM EDT Value change:▲57.64 (1.35%)

      In The Wires

      Copyright © 2013 TradersHuddle.com. All Rights Reserved.