Valero (VLO) Energy ha been in a choppy, slightly bearish channel throughout 2017. Valero (VLO) Daily Chart(click to enlarge)Consolidation:- When we look at the price action since July 2016, we can see that VLO rallied for the second half of the year.- VLO rallied from about 47 and cracked 71 before consolidating in a slightly bearish channel.Support Factors:- There is a confluence of 3 support factors as price tags 63.1) Rising trendline.2) 200-day simple moving average (SMA).3) Channel support.Upside:- I think we can look for at least some upside in the short-term towards 66-67 area, where price would be challenged by the May-high, and the channel resistance.- A break above 67 however could signal bullish continuation, which opens up the 70-71 area, with potential of continuing the uptrend started in the 2nd half of 2016.