VLO dominated by bulls lifting the market higher throughout the day
VLO finished the week -0.01% lower at 115.37 after gaining $0.23 (0.2%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $1.06 (0.92%), that's below last trading month's daily average range of $2.19. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 114.45 and 116.30 which it has been in now for the last three days.
Prices are trading close to a key support level at 115.01.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might speed up should prices move above the nearby swing high at 116.30 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 113.53 where further sell stops could get activated. Further buying might move prices higher should the market test July's nearby high at 118.74.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Valero Energy
|Down Close Near Low of Period||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
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