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 in RSI seems to have broken the recent downtrend
3. Fibinaci retracement from the high down to 61 level
3. Price at support along the lower red trendline
Conclusion?
I'll buy into VLO with a small position if the price breaks out of the current downtrend. If earnings are decent I'll add to the position.
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 in RSI seems to have broken the recent downtrend
3. Fibinaci retracement from the high down to 61 level
3. Price at support along the lower red trendline
Conclusion?
I'll buy into VLO with a small position if the price breaks out of the current downtrend. If earnings are decent I'll add to the position.