Friday at a glance: Heating Oil Futures rose 2.17 cents to close at $2.37 per gallon Friday which makes for a move of 0.92%.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Friday's price action generated a Japanese candlestick pattern showing when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. According to momentum evaluation, the Relative Strength Index indicates Heating Oil is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that NYMEX Heating Oil's lower Bollinger Band® is at $2.32, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in Heating Oil's price coincides with other Energy as notably, Brent Crude Oil rose 2.6% Friday and closed at $78.22. Crude Oil went up by 2.5% Friday, and closed at $76.63. Natural Gas went up by 1.83% Friday, and closed at $2.4.
Also worthy of note, United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.
The commodity has been trending lower for about 3 months. Heating Oil Futures has shed 49.2% over the past six months.