Energy in focus as bullish NYMEX Heating Oil posts 1.65% gain

Heating Oil Futures rallies 4.1 cents (1.65%) deep into the session, trading at $2.53 per gallon.

Heating Oil made an initial breakout above its 5 day Simple Moving Average at $2.53, a potential indicator of a newly emerging bullish phase. NYMEX Heating Oil's lower Bollinger Band® is at $2.48, indicating that the market is oversold and fertile for new buyers. Heating Oil broke through the $2.51 resistance and climbed above it 2 cents; next resistance level is at $2.51.

Overall, looking at the technical analysis landscape, it seems NY Heating Oil likely to continue pointing upward in the short term.

Rallies can also be seen in other Energy, having closed the previous session at $81.66, Brent Crude Oil is up 1.04% today to currently trade at around $82.51. Crude Oil is up 1.14% to $78.76. Natural Gas gained 1.34% and is currently trading at $2.26.

Also worthy of note, United States Consumer Confidence projected to decline to 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.

Elsewhere, United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.

The commodity has been trending lower for about 2 months. Heating Oil Futures is now trading 29.72% below its 3-month high of $4.94.