Heating Oil (HO1) Up $0 in Last 4 Hours, Crosses 50 Day Moving Average; in an Uptrend Over Past 90 Days

Heating Oil 4 Hour Price Update

Updated April 06, 2021 01:54 AM GMT (09:54 PM EST)

Heating Oil is up 0.2% ($0) since the last 4 hour candle, marking the 2nd consecutive candle it has gone up. On a relative basis, the current 4 hour candle were pretty good: Heating Oil bested all 6 of the assets in the energy commodity class 🙂

Heating Oil Daily Price Recap

The choppiness in the recent daily price action of Heating Oil continues; to start today, it came in at a price of 1.7724 US dollars, down 3.23% ($0.06) since the previous day. Relative to other instruments in the energy commodity asset class, Heating Oil ranked 3rd since the previous day in terms of percentage price change. Below is a daily price chart of Heating Oil.


Heating Oil Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Heating Oil crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For additional context, note that price has gone down 16 out of the past 30 days. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 90 and 30 day charts, may be slowing down and ready to reverse.