Valero Energy Corporation

VLO establishing uptrend from breakout of bull flag pattern

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VLO has broken the downtrend of the bull flag with an uptrend which held Friday (left pane). Furthermore, XLE (energy sector) is breaking out of a descending triangle on the monthly (upper right pane). Overall looking good for long positions. My stoploss is 97.27.

A downtrend on the weekly has however been established, so I will be taking some profit when it approaches the downward trendline (lower right pane).

Disclaimer: I currently have the following positions: VLO JAN 03 96.5 calls (main position), QQQ DEC 31 puts (hedge) and NFLX DEC 27 puts (hedge)

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