Upwardly mobile Heating Oil Futures extends gains by 7.04 cents; closes session 2.84% higher

Yesterday at a glance: NYMEX Heating Oil rallied 7.04 cents (2.84%) deep into the session, closing at $2.55 per gallon.

Meanwhile, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -331,400, while the previous figure was -344,500. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 155,100, while the previous figure was 172,400.

A study of Heating Oil's chart reveals various key levels to watch: Heating Oil could be slowing down soon; it is getting close to the resistance line and is now at $2.58, only 3 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as NY Heating Oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Heating Oil Futures formed a session range of $2.47 to $2.56 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $2.53. According to asset volatility analysis, NYMEX Heating Oil's upper Bollinger Band® is at $2.53, this is a slight indication of a slowdown.

Overall, while Heating Oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

This rally in Heating Oil Futures's price coincides with other Energy as Natural Gas went up by 3.4% yesterday, and closed at $2.62. Crude Oil is trading around $71.44 after ending yesterday's session at $70.62 (up 1.16% today). Brent Crude Oil added 0.82% and closed around $75.67 yesterday.

Trading mostly sideways for a month. NY Heating Oil has fallen back around 46.7% over the past 7 months, from a notable high of $4.65.