The price chart of Valero Energy Corporation (VLO stock) showed the price escaping the significant moving averages. Moreover, after the correction ended fresh trend reversal indications were witnessed on the charts in the past sessions. The trendline near $125 was broken out, and the price surpassed it signaling a shift in buying momentum. Sustained build-up activity was also noted. The price action indicates bullishness, as the buyers want to retest the round mark of $150 in the upcoming sessions.
Moreover, the chart indicates that buyers persist in accumulating the price from the lows of $100 and are attempting to attain momentum. Furthermore, the price showed a range breakout above the neckline of the consolidation phase of $120. This week, VLO stock released its Q2 earnings results which were above the estimates, and the stock reacted positively, lifting the gains.
Valero Energy Corp. is engaged in the manufacture and marketing of transportation fuels and other petrochemical products. It operates through the following business segments: Refining, Ethanol and Renewable Diesel. The Refining segment consists of refining operations, associated marketing activities, and logistics assets that support its refining operations.
The Ethanol segment includes its ethanol operations, associated marketing activities, and logistics assets that support its ethanol operations. The Renewable Diesel covers the operations of Diamond Green Diesel Holdings LLC. The company was founded in 1980 and is headquartered in San Antonio, TX.
At press time, VLO stock was trading at $129.07 with an intraday gain of 2.87% which means that the last session was bullish. Moreover, the trading volume is around the average at 3.050 Million, and the market cap is $46.661 Billion.
Moreover, analysts maintained a strong buy and overweight rating with a yearly target price of $142.
Daily Charts Shows Bullishness of VLO Stock
On the daily charts, VLO stock price indicates fresh buying rebounded from the support of $100, gaining momentum in the last sessions. Moreover, the technicals suggest a rise to $150 in the following sessions. As per the Fib levels, VLO stock escaped above 38.2% and is on the verge of 50% near neutrality.
Moreover, the price surpassed the mid-Bollinger band and entered bullish territory, leading sellers into trouble. A short covering move indicates that the rally can be extended in the following sessions.
What Do the Technical Indicators Show?
On the 4-hour charts, VLO stock price is rising and heading toward the round spot of $150. Moreover, the leading indicators suggest buyers are gaining strength and attaining fresh momentum to stretch the gains.
The RSI curve stayed in the overbought zone showing a positive crossover, indicating that buyers are looking for momentum and that there is fresh bullishness.
The MACD indicator showed a bullish crossover and formed green bars, which shows buying arose in the last session, suggesting further rise for the following sessions.
Conclusion
Valero Energy Corporation (VLO stock) shows a fresh trend reversal and has entered the bullish region. Moreover, buyers are gaining traction and making fresh longs to stretch the gains toward $150.
Technical Levels:
Support Levels: $110
Resistance Levels:$140 and $150
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/29/vlo-stock-nyse-vlo-gaining-traction-above-trendline-of-125/