Bullish sentiment helps propel NYMEX Heating Oil to 4.22% gain

Yesterday at a glance: Heating Oil Futures rallied 11.25 cents (4.22%) deep into the session, closing at $2.78 per gallon.

NYMEX Heating Oil upside coincides with further encouraging market factors as United States Non Farm Payrolls beat the 205,000 projections, with 311,000.

On the flip side, Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.

Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Heating Oil made an initial breakout above its 3 day Simple Moving Average at $2.74, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $2.77 currently serving as resistance Heating Oil Futures's lower Bollinger Band® is at $2.67, indicating that the market is oversold and fertile for new buyers. In contrast, Heating Oil Futures could be slowing down soon as it approaches resistance at $2.83. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Heating Oil might continue pointing upwards in the short term.

This rally in Heating Oil Futures's price coincides with other Energy as Brent Crude Oil is trading around $82.73 after ending yesterday's session at $81.59 (up 1.4% today). Crude Oil improves 1.27% yesterday and closed at $75.72.

While NYMEX Heating Oil is appreciating, other Energy are comparatively not doing so well — Natural Gas is down to $2.44, losing 10.7 cents, after ending the previous session around $2.54.

The commodity has been trending lower for about a month. The current year has not been the best for NY Heating Oil as it lost 18.06% from its highest point of $4.94.