Oil Refinery Stocks Run Out of Gas
Most of the leading oil refinery stocks are declining again today. This important industry group has been very weak since topping out in May 2013. One of the leading stocks in the sector is Valero Energy Corporation (NYSE:VLO). Today, VLO stock is trading lower by 0.39 cents to $34.05 a share. The stock continues to hold near term daily chart support around this current level, but the better support area would be around the $31.00 level. The $31.00 area would be an attractive level for the stock to stage a more significant bounce for the oversold condition on the charts.