VLO dominated by bulls lifting the market higher throughout the day


Valero Energy (VLO) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
VLO dominated by bulls lifting the market higher throughout the day
VLO ends the day on a bullish note closing near the high of the day
VLO stuck within tight trading range
VLO closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

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.

Daily chart for VLO
Volatility

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.

Support/Resistance

Prices are trading close to a key support level at 115.01.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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