Most of the leading oil refinery stocks were soaring sharply higher at the start of today's trading. One of the leading stocks in the oil refinery sector is Valero Energy Corporation (VLO). Today, VLO is climbing higher by $3.28 to $42.09 a share. While the rally is strong today the stock is now trading into very important, near-term resistance. Traders should understand that the entire industry group is overbought on the daily and weekly charts. That 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.
Several oil refinery stocks that are surging higher today include Phillips 66 (PSX), HollyFrontier Corporation (HFC) and Tesoro Corporation (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.