Valvolene declines in volatile session - Analysis - 02-08-2022

Valvolene's stock (VVV) declined in the intraday levels after the car oils and additives company announced an agreement with Aramco to sell its global products for $2.65 billion, with the stock sliding 2.70%, or 87 cents, settling at 31.35, with trading volumes surpassing 5.6 million shares, above 10-day averages of 1.2 million shares.

The stock is gathering recent profits while garnering momentum to help it rise anew, while venting off overbought saturation in the RSI, amid the dominance of the upward correctional short-term wave, with support from the 50-day SMA.

Therefore we expect the stock to return higher, targeting the first resistance at 34.80, provided it holds above 31.00.

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Expected trend for today: Bullish