BBTrader29

VLO Retest/Round-Up

Long
NYSE:VLO   Valero Energy Corporation
VLO has a very strong setup that has now formed. It has established a retest of the prior $92 level and remounted, making that level now support. It has also formed a rounding bottom pattern where it will look to continue its upward trend toward the 100-101 level. This will act as resistance, so 100-101 is my target. The weekly chart looks bullish to the upside. Pairing the retest and remount with the rounding up pattern is strongly bullish.
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