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Possible Bearish Inside Day Candle Pattern Detected for Valero Energy (NYSE:VLO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Valero Energy (NYSE:VLO) based on the price action in the company's shares. Today's price range of $89.23 and $89.24 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Valero Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 29.9% for shares of Valero Energy based on a current price of $89.24 and an average consensus analyst price target of $115.95. Valero Energy shares should encounter resistance at the 200-day moving average (MA) of $94.29 and support at the 50-day MA of $84.85.

In the past 52 weeks, shares of Valero Energy have traded between a low of $68.81 and a high of $126.98 and are now at $89.24, which is 30% above that low price. The 200-day and 50-day moving averages have moved 0.34% lower and 0.22% higher over the past week, respectively.

Valero Energy Corporation 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, petrochemicals, lubricants, and other refined products, as well as offers diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

SmarTrend is monitoring the recent change of momentum in Valero Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Valero Energy in search of a potential trend change.

Keywords: bearish inside day candle valero energy

Ticker(s): VLO