Valero Energy Trading Analysis (16/05/2024)

The trend is ascending. The stock is traded in the range between 365 and 135 moving averages. The downward wave structure finished with the breach of the sloping channel. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.

Trading idea:

Buy when the formation of the ascending wave structure begins.

Stop-Loss at 153.20.

Target price levels at 168.50 and 177.50.

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