VLO dominated by bears dragging the market lower throughout the day
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.
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.
Prices are trading close to a key support level at 115.99.
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.
Selling could accelerate should prices move below the close-by swing low at 115.60 where further sell stops might get activated.
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
|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|
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