Bullish DailyPlay for Friday Nov 11th, 2016 – Valero Energy (VLO)
The bullish DailyPlay we chose for Friday Nov 11th is Valero Energy (VLO). VLO is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 0.21% move higher and it’s 1m and 6m trend turned bullish on 11/9 and recently bounced higher off its $69 support level.
Valero Energy’s 1m and 6m trends turned bullish on 10/21 and recently broke above its $62 resistance level on high volume. With a technical score of 8 (out of 10), VLO looks positioned to continue this strong bullish trend higher.
As a stop loss, if VLO was to trade below $60 for multiple days, this would invalidate our analysis and suggest getting out of the trade.