VLO dominated by bears dragging the market lower throughout the day


Valero Energy (VLO) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
VLO dominated by bears dragging the market lower throughout the day
VLO closes lower for the 3rd day in a row
VLO ends the day on a bearish note closing near the low of the day
VLO falls to lowest close since May 16th
VLO closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 28% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, VLO ended Thursday at 116.82 losing $1.06 (-0.9%) on low volume. Today's closing price of 116.82 marks the lowest close since May 16th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for VLO
Volatility

Thursday's trading range was $2.50 (2.11%), that's below last trading month's daily average range of $2.94. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 115.99.

Trend

While the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 115.60 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Valero Energy
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

VLO finds buyers at key support level

Aug 17, 2018
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