Oil Refinery Stocks Are On Fire
This morning, most of the leading oil refinery stocks are soaring sharply higher to start the trading session. One of the leading stocks in the oil refinery sector is Valero Energy Corporation (NYSE:VLO). Today, VLO stock is climbing higher by $3.28 to $42.09 a share. While this rally is very strong today the stock is now trading into very important near term resistance. Traders should understand, this entire industry group is now very overbought on the daily and weekly charts. This tells us that profit taking could occur at any time. Short term traders should watch for intra-day resistance around the $43.00. This same level is also the daily chart resistance area. The next important weekly resistance level for VLO stock will be around the $46.37 area.
Some other leading oil refinery stocks that are surging higher today include Phillips 66 (NYSE:PSX), HollyFrontier Corporation (NYSE:HFC), and Tesoro Corporation (NYSE:TSO). Often, the weaker U.S. Dollar Index will help to lift most oil related equities. Today, the U.S. Dollar Index is trading sharply lower on the session.