After closing at $3.57 yesterday, NY Heating Oil began today at $3.57 with significant bullish sentiment driving NY Heating Oil's price action higher. So far today, price action has drawn out a distinct $3.56 to $3.69 range.
Meanwhile, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. United States Consumer Price Index came out at 7.7%.
Heating Oil made an initial breakout above its 3 day Simple Moving Average at $3.67, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $3.62 by around 3.59 cents with prices hammering out a $3.56 – $3.69 session range. On the other hand, note that although Heating Oil is appreciating today after rising as high as $3.69, price action is now slowing and consolidating around 8 cents below the $3.65 resistance level.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Heating Oil Futures to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the NY Heating Oil is expected to pick up significant bullish sentiment in the coming days.
This rally in Heating Oil's price coincides with other Energy as Crude Oil is up 3.18%. Brent Crude Oil ascends 2.89% to trade around $96.38.
Other Energy are showing mixed performance as Natural Gas moves 1.03% to trade around $6.3.
6 months ago Heating Oil Futures reached a significant high of $4.94 but has consequently lost 27.8% since then.