Upwardly mobile NY Heating Oil extends gains by 2.17 cents; closes session 0.92% higher

A quick look at yesterday: NY Heating Oil rose 2.17 cents to close at $2.37 per gallon yesterday which makes for a move of 0.92%.

Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Yesterday's price action generated a Japanese candlestick pattern showing when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Momentum evaluation shows that the Relative Strength Index indicates NYMEX Heating Oil is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Heating Oil Futures's lower Bollinger Band® is at $2.32, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.

Rallies can also be seen in other Energy, notably, Brent Crude Oil rose 2.6% yesterday and closed at $78.22. Notably, Crude Oil rose 2.5% yesterday and closed at $74.76. Natural Gas added 1.83% and closed around $2.35 yesterday.

The commodity has been trending lower for about 3 months. NY Heating Oil traded as high as $4.94 before shedding 49.2% lower over the past six months.