Chart of the Day: Valero Could Be Fighting Higher

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Valero Energy hit a record high in November, and some traders may expect further upside.

The first pattern on today’s chart is the $176.76 level. It was a weekly and monthly close at the end of November. The oil refiner drifted above it in early December before sliding toward $160. It gapped above it on January 5 and tested it this week before bouncing. Has old resistance become new support?

Second, prices are …

For more, please click here to view the related idea and chart analysis on TradingView.

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Valero Energy (VLO), daily chart, with select patterns and indicators, courtesy of TradingView.

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About the author

David Russell

David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.
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