Approaching Resistance: Valero
Published on Monday, 06 May 2013 08:36 Written by TradersHuddle Wire
New York, May 6th (TradersHuddle.com) - Shares of Valero Energy Corporation (NYSE:VLO) are trading very close to calculated resistance at $39.23. The stock ended the trading session at just $37.59, 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 $35.29 and by the resistance level at $39.23; 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 $35.29 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $39.23 then traders will get an opportunity to enter the stock as it moves to a higher range.
- Allstate, American Football Coaches Association Name 22 College Football Players to the 2013 Allstate AFCA Good Works Team®
- Allstate Named To 2013 Working Mother 100 Best Companies
- Allstate's Drivewise® Hits One Billion Miles Driven: Expansion Continues
- Allstate Publishes 2012 Corporate Responsibility Report, "Knowledge Applied"
- What Life Insurance Can Do For You
- Protect Your Stuff At School
- Allstate to Present at Barclays Global Financial Services Conference
- The Allstate Tom Joyner Family Reunion® is Set to Celebrate Family in Orlando Aug. 29 - Sept. 2
- Brownsville Remains Texas' Safest Driving City
- Visalia Leads All California Cities on 2013 "Allstate America's Best Drivers Report™"
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines