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Heating Oil Has Interesting Chart Pattern


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[caption id="attachment_1601" align="alignnone" width="393"]

Heating oil delivery, nozzle placed into oil tank to refill - in a residential property[/caption]

Heating Oil Futures---Heating oil futures in the June contract is currently trading higher by 70 points at 2.0933 as we have been stuck in a tight 6 week consolidation pattern as a breakout is looming in my opinion.

The entire energy sector is in a battle between the bulls and the bears as there is huge tension in the Mideast at the present time, but then on the opposite side there is no trade deal between the United States and China as many commodity sectors are at multi-year lows as I'm keeping a close eye on this commodity.

Heating oil prices bottomed out on December 26th around the 161 level while then experiencing a significant rally in 2019 as I think the risk/reward will start to be in your favor if a break out occurs.

The chart structure is outstanding at the current time as we have been trading within a 700 point range over the last month so keep your radar on this commodity as the longer the consolidation the stronger the breakout in my opinion.

TREND: MIXED--HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: 5da1f85979b7117b

TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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