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Trading Signals

Heating Oil Futures hits 1 year low before recovering 2.29 cents

28 April 2023

HOUSD

Having ended the last trading session at $2.37, NYMEX Heating Oil dropped to $2.34 today, hitting its lowest point in 1 year. Later, it recovered 2.29 cents and is now trading at $2.36.

United States's Pending Home Sales new data released of -5.2% below its previous figure.

Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Highly important GDP data from United States beat analyst expectations of two with a reading of 1.1.

On the flip side, positive data for Heating Oil Futures released earlier when highly important Initial Jobless Claims data from United States beat analyst expectations of 248,000 with a reading of 230,000.

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. Momentum evaluation shows that the Relative Strength Index indicates Heating Oil Futures is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Heating Oil Futures's lower Bollinger Band® is at $2.37, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Following today's trading session, chart analysis suggests NYMEX Heating Oil could begin to recover as it approaches significant support, now 2 cents away from $2.34. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Heating Oil has no clear-cut direction.

Though Heating Oil Futures has been dropping, other Energy have been performing better: having closed the previous session at $2.31, Natural Gas is up 2.08% today to currently trade at around $2.35. Brent Crude Oil rises 0.81% to trade around $78.32. Crude Oil moves up 0.7% to trade around $74.82.

Furthermore, United States Core PCE Price Index (MoM) (Mar) is expected tomorrow at 12:30 UTC.

The commodity has been trending lower for about 2 months. Heating Oil is now trading 30.08% below its 3-month high of $4.94.

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