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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. Yesterday's price range of $80.55 and $81.32 is within the prior day'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.

Potential upside of 43.6% exists for Valero Energy, based on a current level of $80.76 and analysts' average 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.

In the past 52 weeks, Valero Energy share prices have been bracketed by a low of $68.81 and a high of $122.42 and closed yesterday at $80.76, 17% above that low price. 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%.

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 recommended that subscribers consider buying shares of Valero Energy on June 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.48. Since that recommendation, shares of Valero Energy have risen 7.1%. We continue to monitor VLO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle valero energy

Ticker(s): VLO