Valero Energy Corporation or VLO as listed in the New York stock exchange is in the energy sector under the oil and gas operations industry. They produce conventional gasolines, jet fuel, asphalt, petrochemicals, lubricants, and other refined products. For the past couple of years, its stock price hasn’t been doing well.
VLO was $78.68 back in 2007 and now it’s at $16.86. Currently, there is an 18-month symmetrical triangle forming and could break down soon. If the price breaks below the current support line, it could drop all the way to the next support at $13.94. If the breakdown fails and Valero Energy Corporation regains its momentum upwards, it could reach the current resistance. Once the current resistance is cleared out, $23.62 could be an easy target.
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