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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Valero Energy (NYSE:VLO) based on the price action in the company's shares. Yesterday's price range of $99.76 and $99.93 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. Traders and investors interested in shares of Valero Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Valero Energy has overhead space with shares priced $99.82, or 13.9% below the average consensus analyst price target of $115.95. The stock should discover initial support at its 50-day moving average (MA) of $89.99 and subsequent support at its 200-day MA of $84.17.

In the past 52 weeks, Valero Energy share prices have been bracketed by a low of $68.81 and a high of $101.99 and closed yesterday at $99.82, 45% above that low price. The 200-day and 50-day moving averages have moved 0.41% higher and 2.29% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Valero Energy and will alert subscribers who have VLO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle valero energy

Ticker(s): VLO