Energy in focus as bullish NYMEX Heating Oil posts 3.27% gain

A quick look at yesterday: NYMEX Heating Oil closed yesterday at $2.8 per gallon (with a daily low of $2.68) after ending Thursday at $2.71 and gaining 3.27%.

At the same time, United States New Home Sales (Jan) came out at 670,000, while a consensus of analysts was expecting 620,000. United States Core PCE Price Index (MoM) (Jan) released yesterday at 13:30 UTC with a figure of 0.6, while the previous figure was 0.4. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -222,300, while the previous figure was -209,000.

Heating Oil made an initial breakout above its 10 day Simple Moving Average at $2.79, a potential indicator of a newly emerging bullish phase. Heating Oil is currently trading around the $2.77 Fibonacci resistance level. NY Heating Oil's lower Bollinger Band® is at $2.69, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Heating Oil could be slowing down soon as it approaches resistance at $2.84. Of course, crossing it might suggest further gains are ahead.

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

A look at other Energy also shows upside as Natural Gas leaps up 8.21% yesterday and closed at $2.31. Crude Oil added 1.41% and closed around $75.39 yesterday. Brent Crude Oil added 1.17% and closed around $82.21 yesterday.

The commodity has been trending lower for about a month. So far this year, NY Heating Oil has declined 17.28% while touching highs around $4.94 earlier this year.