Look at what Valero, a refining company, did. Look at that crazy movement here in this arrow. Yes, it may experience a corrective period, but I believe that in the event of any downturn, Valero remains a buy option.
It made a breakout here, you can see it at 187. And it reached 419.
Either way, that's bearish for the names like a Valero. And if we look at Valero, look at the drop that we've seen the last couple days. First of all, look at the extension. I still think there's more downside on Valero.
Again, we'll see if it happens today with oil bouncing, but in the near term, I do think Valero, PSX, MPC, they all should come down much, much much more.
But as far as Valero Energy stock is concerned , we have many years of trading to look at. We are seeing a drop in oil prices, and consequently, Valero's stock also fell slightly during today's session, by approximately 2%. But how do you view Valero now, Charles?
Honestly, the trend was amazing, so any pullback in the stock price was remarkable, and that's exactly what I'm looking for: an opportunity for a quick recovery. I believe the entry point here is appropriate at a key technical level, and I would consider it a quick entry and exit opportunity .
