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Valero Energy (VLO) in a Bullish Breakout

A couple of weeks ago we observed that Valero Energy (VLO) was going to potentially break above a falling channel, and this is exactly what materialized. 

Valero Energy (VLO) Daily Chart

(click to enlarge)

The Breakout:

- It took a few tries, but we can see that price action eventually broke above the falling channel resistance.
- The fact that price was able to anchor above 64.00 was a good clue that bulls were winning this battle. 
- Now, with the breakout, we have a couple of projections. 
- 1. Target: Before the prevailing trend before the channel was bullish, we can anticipate at least upside towards the 2017 high at 71.40. 
- 2. If there is a pullback, we should anticipate support around 66. I think price shouldn't go below 65 in a bullish outlook, and if it goes below 63, we might be looking at a bearish scenario.