Technical analysis: VALERO ENERGY CORPORATION (#VLO)

Valero Energy Corporation is an international manufacturer and distributor of transportation fuels, petrochemicals and energy. It is headquartered in San Antonio, Texas, United States

For Valero Energy (#VLO) the beginning of the summer months were marked by strong bearish swings which we believe may have found good support for an upward reversal.

• The price stopped at $ 71.00, a level that acted as resistance for the entire period November 2020 - January 2021.

• Strong distance from the 50MA which led, in the history of the chart, to subsequent reconciliation

• RSI has reached a strong oversold level which can lead to strong bullish momentum

• MACD after a long negative phase is now gradually crossing to the upside
  

The stock's momentum is still negative but we believe it could be a good opportunity to start building up a long position on #VLO. With further capital increase, once the stock exceeds $ 68.00

Entry range $ 61.00 - $ 64.00

Target 1 $ 80.00

Target 2 $ 85.00

Stop loss $ 54.00

OTB Global Investments

22 July 2021