Pattern: Channel Up on 1W. Signal: Bullish after a similar sequence has been spotted both on the candle and RSI action. Target: 2.1400 (1D Resistance).
With oil fiasco all around, heating oil has a very strong correlation with crude oil. technically price at 61.8% supply levels. currently awaiting a drop from current levels to demand levels of 21.00 handle
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...
Trading Signal Long Position (EP) : 1.9041 Stop Loss (SL) : 1.8883 Take Profit (TP) : 1.9725 Description HOH2019 formed Double Repo Failure Buy at 1d time frame. Trade setup with Buy Limit at 0.382 Level (1.9041) and place stop after 0.618 level (1.8883). Once the position was hit, place take profit before an agreement (1.9725) Money Management Money in...
Trading Signal Long Position (EP) : 1.9041 Stop Loss (SL) : 1.8883 Take Profit (TP) : 1.9725 Description HOH2019 formed Double Repo Failure Buy at 1d time frame. Trade setup with Buy Limit at 0.382 Level (1.9041) and place stop after 0.618 level (1.8883). Once the position was hit, place take profit before an agreement (1.9725) Money Management Money in...
Trading Signal Short Position (EP) : 1.8883 Stop Loss (SL) : 1.9041 Take Profit (TP) : 1.8563, 1.8167 Description HO formed Double Repo Sell at 1d time frame. Trade setup with Sell Limit at 0.382 Level (1.8883) and place stop after 0.618 level (1.9041). Once the position was hit, place take profit before an agreement (1.8563) and 1.8167 Money Management ...
The Energy complex currently has mixed signals. However, the New York Heating Oil contract appears to be setting up for a bull run. With the Minor Pivot Stack providing support, the price looks like it is readying for a move up. Go long if the price breaks above 1.9065 and place a stop loss at 1.8660. With a profit target at 2.0545, this makes for a good...
Short drop in rig count amid lackluster China news make me think we are heading for the downs unless we get some good news. Or maybe we can hold out for another prolonged bomb cyclone event.
Percentages from CL to HO suggests to me that there's more room to drop.
Fundamentals are showing, lots are watching short, end of year approaching, Fed & EIA + API today + "...geez, did you see what just happened..." = sit back and wait and watch. Everything telling me to buy, especially peers, but thinking a lucrative lower bottom could be trending (even if past EOY.) End of year, Christmas Rally, emotions are there to go higher,...
This is just a journal for me. I strongly warn you to not take this in your real account. Good luck!
Gas Oil futures price is currently testing the 61.8% retracement of the previous uptrend and this also happens to be a zone almost in confluence with the support zone. The price also seems to be forming a symmetrical triangle on the upper timeframes, therefore we should watch how the price tests those support and resistance zones, as those areas can provide good...
This is just a journal for me. I strongly warn you to not take this in your real account. Good luck!
Here is your chance. Stop watching BIll Nye for a few minutes and open some LEVERAGED shorts on Heating Oil. The science is settled right? Only an idiot would DENY this? Go ahead! (None of them actually do this when challenged because 1) They are broke Soy Boy's and 2) they know its not settled science
TD countdown exhaustion completed last Thursday.
Further to my recent "oil sell-off complete" chart (linked), I'm much more cautious getting long energy, especially because of this heating oil chart. Will see how both my Brent crude and heating oil charts line up going forward but I expect Brent to be considerably below my target zone by the time this heating oil chart drops into the 2.04 and below buy zone.
Trading Signal Short Position (EP) : 2.1907 Stop Loss (SL) : 2.212 Take Profit (TP) : 2.1167, 2.0996 Description HOZ2018 formed DRF Sell at 1d time frame. Trade setup with Sell Limit at 0.382 Level (2.1907) and place stop after 0.618 level (2.212). Once the position was hit, place take profit before an agreement (2.1167) and 2.0996 Money Management Money...