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

By James Quinn

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 $81.17 and $81.32 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.

Valero Energy (NYSE:VLO) has potential upside of 42.8% based on a current price of $81.17 and analysts' consensus price target of $115.95. Valero Energy shares should first meet resistance at the 50-day moving average (MA) of $82.10 and find additional resistance at the 200-day MA of $87.33.

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.

Over the past year, Valero Energy has traded in a range of $68.81 to $122.42 and is now at $81.17, 18% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has slid 0.9%.

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