Last time we looked at Valero Energy (VLO) it was trading at a confluence of support factors. By the end of last week however, price broke below these support factors.Valero Energy (VLO) Daily Chart(click to enlarge)Support Factors:- There was a rising trendline support, and the 200-day simple moving average (SMA). - Price was also at a falling channel support. - 62.00 might be one final line of defense, but this market looks like it is heading for further bearish correction. Downside; Bearish Correction:- If price can start holding under 64, we should anticipate downside towards 60 and then the 57.50-58 support/resistance pivot area. - These are relatively conservative bearish targets. After all, the trend was bullish the second half of 2017. - Since then, price action looks like bearish correction and not a bearish trend. So, we should still anticipate the dominant trend to be upwards after a significant bearish correction.