Valero Energy Corp. (VLO) is a fixture on a lot of busy roads in New Jersey and Delaware, speaking from personal experience.
The oil refiner is expected to report earnings on January 26 before the market opens. I looked at the charts of VLO this morning and want to share what I found.
In the daily bar chart of VLO, below, I can see a large bullish triangle formation playing out from April. Notice the higher lows from July to September to December and the roughly equal highs in June and November. An upside breakout could soon be at hand. Prices are trading above the rising 50-day moving average line and above the rising 200-day line. Tests of the 200-day line have turned out to be buying opportunities.
The On-Balance-Volume (OBV) line has moved sideways from July and a current rise in January could be foreshadowing continued price gains. The Moving Average Convergence Divergence (MACD) oscillator has recently crossed above the zero line for an outright buy signal.



