HEATOIL closes below its opening price unable to hold early session gains
Heating Oil (HEATOIL) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
HEATOIL ended the week 5.85% higher at 1.8841 after edging lower $0.0130 (-0.69%) today. Trading $0.0240 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on December 17, 2018, HEATOIL lost -3.03% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HEATOIL as at Jan 11, 2019):
Friday's trading range has been $0.0506 (2.66%), that's below the last trading month's daily average range of $0.0679. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HEATOIL.
Though the contract is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Further buying could move prices higher should the market test December's close-by high at 1.9435.
With three out of the other four Energy Markets closing lower today, the ones that stand out on the negative side are CRUDE losing -1.18% and GASOLINE closing -0.97% lower. On the flipside the best performer has been NATGAS closing 6.97% higher. Read more