InTheMoneyStocks Pro Traders Market Analysis

[ITMS]

Gasoline And Refiners Are Topping Out After Epic Run

Shares of Valero Energy Corporation (NYSE:VLO) shot higher in early morning trading, hitting $31.48. They then reversed, falling back to the $31.00 level by 11:30AM ET. This reversal coincides with a major double top on the daily chart from 2011. It also coincides with an over extended chart on gasoline. The United States Gasoline Fund, LP (NYSEARCA:UGA) has run from $44.65 in June to a high yesterday of $60.10. Today, it is reversing dramatically, dropping to $58.78, -1.05 (-1.75%). The combination of the Valero reversal and double top and the UGA drop, signals a possible top in this market. Look for a topping tail on the daily chart on VLO and further downside should follow quickly. ...Continue reading here: http://bit.ly/OqAnk1