Tuesday, August 25, 2009

Short VLO ?




VLO is facing significant resistance: a rising trend line that has been observed few times and a declining 200 MA. Current up move resembles a bear flag.




Zooming in to a 60 min. time frame. The ABC corrective move seems like is about to end. A good target to initiate short position is around 19.37 to 19.40 where there is Fibonacci confluence and a potential double top.
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