Trade Idea - VLO
Sunday, November 11, 2007
Shares of Valero closed on Friday at $68.52 falling 1.88%. Looking at the daily chart stock continues to move within a rising channel, but directionality is very low. Presently stock is testing the bottom of the channel and any movement this channel will push many Bears to open short position. In addition, MACD and RSI are still losing some ground, so we must wait for a confirmation of these levels to enter long here. Monday keep an eye on Valero, a close below its 200 dma it will cause a sell-off on stock, so stay tuned on VLO.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
Labels: VLO
