Weekend July 17, 2016
Valero
Here is a classic bear market pattern. At the start of the year price fell below all the MAs.
Then price rallied back to the underside of the MAs, and failed again.
the descent began anew. Each weak rally fails and so the decline proceeds in stair step fashion to the downside.
HFC, TSO look the same. This started when it became legal for the US to export oil.
Test of 200 Week MA
VLO has now retreated to its 200 week MA.
Here is a close up look at the weekly chart. VLO at least bounced at the 200 wek MA. And MACD looks to be bottoming. This
bears watching for the refiners and the energy complex.
VLO Two Hour
The two hour chart shows to be overbought. The character of the correction should tell us a lot.
A break of 47 would be negative. Holding at 48.5 will be encouraging for the bullish perspective.
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