Heating Oil (HO1) Up $0 Over Past 4 Hours, Moves Up For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Heating Oil 4 Hour Price Update

Updated April 08, 2021 01:56 AM GMT (09:56 PM EST)

Heating Oil came into the current 4 hour candle up 0.2% ($0) from the open of the previous 4 hours, marking the 2nd consecutive candle it has gone up. Heating Oil outperformed all 6 assets in the energy commodity asset class since the previous 4 hours. Congrats to its holders!

Heating Oil Daily Price Recap

Heating Oil closed the day prior up 0.77% ($0.01); this denotes the 2nd consecutive day an increase has occurred. Out of the 6 instruments in the energy commodity asset class, Heating Oil ended up ranking 2nd for the day in terms of price change relative to the day prior. Here is a daily price chart of Heating Oil.


Heating Oil Technical Analysis

The first thing we should note is that Heating Oil is now close to its 20 and 50 day averages, located at 1.84 and 1.81 respectively, and thus may be at a key juncture along those timeframes. Volatility for Heating Oil has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days.