HEATING OIL Buy SignalPattern: 1W Channel Up.
Signal: Bullish as the pattern made a Higher Low.
Target: 2.1000.
Nyharbor
Heating Oil: Bullish as long as the Channel holds.Heating Oil has been trading on a very steady 4H Channel Up (RSI = 62.494, MACD = 0.014, Highs/Lows = 0.0000) and is currently on its Higher Low. Our long TP is 2.1000, as long as the Channel is holding. The previous bullish run of February 11 - 19, shows that around +8%, the price breaks the uptrend and pulls back on a lengthy descending channel. If the current 4H Channel Up breaks, we expect a similar pull back pattern to take place.
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Heating Oil: Has it just found support?Heating Oil has just made a Higher Low (RSI = 52.430, Highs/Lows = 0.0000) at 2.1600 on the 1W Channel Up that has been dictating its direction since January. Technically this is an ideal long term long entry towards the 2.4466 High.
However on the monthly chart and the 1M Channel Up (RSI = 60.743, MACD = 0.148, Highs/Lows = 0.0482) that started on January 2016, we notice repeated patterns within the wider formation. Those suggest a value of and Higher Low near 2.000 before the Channel Up resumes its long term uptrend.
In both cases Heating Oil is a long term buy.
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