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Heating Oil futures have been on the move, but now the commodity is sitting just below significant resistance. Here's more…
Resistance
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The daily chart of Heating Oil futures shows price has experienced a solid run of strength over the last four weeks, rallying from a low of 2.9858 in January to a recent high of 3.2575 in February.
However, HO has run right into a major wall of resistance at 3.26, which has been a significant zone since September of last year. Each of the two prior attempts at 3.26 has resulted in extremely bearish reversals, so we'll want to watch how price reacts to this level this time around.
Double Inside Day
The daily chart also shows that HO has formed a Double Inside Day setup. This pattern forms when the current day's price range falls within the prior day's price range, and the price range from two days ago falls inside the range from three days back.
In essence, this pattern can spark significant breakouts. Watch the price range from Tuesday's trading for a potential breakout ahead - 3.2198 down, and 3.2486 up.
Floor Pivots
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Price is currently sitting right at the monthly R2 Floor pivot, which is significant. On average, price usually closes within the R2/S2 price band around 70 or 80% of the time.
As a matter of fact, HO has only tested R2 four times since the beginning of 2012, and has only once closed above it during this time.
Therefore, we could see a reversion to the mean type of move ahead, whereby price drops back toward R1, and potentially as low as the top of the pivot range at around 3.106.
IF price happens to break beyond the 3.26 resistance level, there is a two-year resistance level above at 3.32, which should be an upside target to watch.
Let's see how this one turns out!
Cheers!
Frank Ochoa
Follow us on Twitter: http://twitter.com/PivotBoss
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.