$VLO has been surging off the back of rising oil prices.
Since entering a new “Go” trend in early January, we have seen a series of higher highs and higher lows with pricing to a high of almost $250. After the most recent high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. We saw a single weaker aqua bar and GoNoGo Oscillator fell to test the zero line from above. The oscillator immediately found support at that level bouncing back into positive territory on heavy volume. This shows signs of Go Trend Continuation (green circle) as momentum remains aligned with the “Go” trend. With momentum resurgent in the direction of the trend, price is breaking to a new higher high on strong volume. We will watch to see if price can consolidate this new high in the coming days.
