Oil and gas stocks are enjoying stronger price action as the commodity crude oil rises in price. VLO has a first attempt to breakout to the upside. Volume is strong and indicators are positive.
Spring and summer is when oil prices go up and who knows if we get major correction in near future. All about supply and demand. Not going to overthink this and open my wallet for this play on Monday:
Jun 21 90 calls
VLO is approaching our resistance where we might see a corresponding drop in price to our first support level. Stochastic is also approaching resistance.
VLO is approaching resistance at 91.88 (horizontal swing high resistance, 100% fibonacci extension, 38.2% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 78.04 (61.8% fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Short Idea
Hanging Man Signal
Touched 55EMA
Touched Upper BB
Confirmation needed to go short.
Close under the previous candle close is the signal for Short.
Stop Loss in Place Please.
VLO is approaching our first resistance at 82.84 (horizontal overlap resistance, 23.6% fiboancci retracement, 61.8% fibonacci extension) where a strong drop might occur below this level pushing price down to our first support at 70.05 (horizontal overlap support, 100% fiboancci extension, 50% fibonacci retracement).
Stochastic (21,5,3) is also approaching our...
VLO is approaching our first support at 70.05 (horizontal pullback support, 100% fibonacci extension, 50% fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 82.84 (horizontal pullback resistance, 61.8% fibonacci extension, 23.6% fibonacci retracement).
Stochastic (89,5,3) is also approaching...
With the market and oil being sold so heavily, VLO has been crushed and its into support here. It could head a bit lower if oil continues to fall, however, oil is into good support as well. Risk to reward is high here stop will be $78.04. If it pays me well today I may look to exit early. Cant be too greedy in this market.
The stochastic RSI is at a yearly low and we just hit the 0.618 golden fibonacci ratio to bounce off of. Earnings come out tomorrow and VLO has consistently outperformed previous projections.
Analysis:
After a month and a half of straight down hammers, $VLO has finally reached support along the lower trendline. Earnings are coming up quick on 7/26 and could be the catalyst that drives this ticker back up towards the average analyst price target of $122 per share.
What I see :
1. RSI is riding support along the lower end of its range
2. Slight uptick...
I will be watching VLO over the next few days and may enter a bullish swing trade if I like the setup. What I will be looking for is a bounce one more time off of the 100 SMA. For the most part, I usually only focus on pure price action when determining whether or not to enter a trade but when looking at the fundamentals for VLO combined with the recent pullback I...
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NYSE:VLO
