Valero Energy (VLO) was spotted testing a falling resistance last time we looked its price action. We noted that a previously failed bearish breakout in VLO was a positive sign for a pending bullish breakout. Indeed, price pushed above a falling resistance.VLO Daily Chart(click to enlarge)Bullish Breakout:- The daily chart shows that after holding under the falling resistance a couple of times, it finally broke through this week. - Is has been pivoting above 64, 64.45. This is going to be a key support for future pull backs as well. Bullish Continuation:- The breakout opens up a bullish continuation scenario. - When we look at the weekly chart, we can see that the general trend has been bullish. But price retreated in 2016. - In the second half of 2016, it looks like the uptrend resumed. - Then, the first half of 2017 was a period of consolidation. - Now that we are entering the second half of 2017, it looks like price is pushing for a bullish continuation.- This bullish continuation scenario opens up the 2015 high around 74. VLO Weekly Chart(click to enlarge)