Heating Oil has been losing ground for 5 days, shedding a total of 6.11% of its value. Today is looking a bit better: Heating Oil trades at $2.73 per gallon after gaining 1.45 cents (0.53%).
'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Heating Oil Futures made an initial breakout above its 3 day Simple Moving Average at $2.79, a potential indicator of a newly emerging bullish phase. Heating Oil Futures is approaching key support, around 1 cents away from $2.74. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Heating Oil Futures, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Energy as Brent Crude Oil climbs 0.67% to trade around $83.56. Crude Oil moves 0.6% to trade around $76.8.
Moreover, United States Existing Home Sales (Jan) scheduled to come out tomorrow at 15:00 UTC.
The current year has not been the best for NY Heating Oil as it lost 18.4% from its highest point of $4.94.