VLO finds buyers around 46.57 for the third day in a row
Valero Energy Corporation (VLO) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
VLO ended Wednesday at 49.10 surging $2.54 (5.46%), strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on April 29th, VLO actually lost -4.42% on the following trading day. Closing above Tuesday's high at 48.17, the stock confirmed its breakout through the prior session high after trading up to $1.87 above it intraday.
Daily Candlestick Chart (VLO as at Sep 16, 2020):
Wednesday's trading range has been $3.47 (7.37%), that's far above the last trading month's daily average range of $2.00. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for VLO.
One bullish candlestick pattern matches today's price action, the White Candle.
Valero Energy found buyers again today around 46.57 for the third trading day in a row after having found demand at 46.54 in the previous session and at 46.54 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Valero Energy. Out of 119 times, VLO closed higher 50.42% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.03% with an average market move of 1.00%.