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An oil tanker is docked at the Valero Energy Corp. refinery at the Port of Corpus Christi, Texas. (Eddie Seal/Bloomberg)
An oil tanker is docked at the Valero Energy Corp. refinery at the Port of Corpus Christi, Texas. (Eddie Seal/Bloomberg)

Technical Analysis

Bullish on Valero Add to ...

From the high of $78.68 (U.S.) (A), Valero Energy Corp. declined to a low of $13.94 (B), rallied to $26.20 (C) and then settled into a large base (wedge pattern - dashed lines). The recent high of $31.12 (D) signalled the breakout from this base and the start of a new major up-leg toward higher targets. The current pullback toward the 40-week moving average (40wMA - E) should provide a good entry point. Only a decline below $23-$24 would reverse the current long-term up-side potential.

Point & Figure measurements provide an initial target of $34.



Ron Meisels is a contributor to the www.NA-marketletter.com website. Monica Rizk is the senior technical analyst for Phases & Cycles Inc. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

Follow us on Twitter: @GlobeInvestor

 
Security Price Change
VLO-N Valero Energy 48.37 0.75
1.575 %
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