Looking To Buy Heating Oil
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Heating Oil Futures—Heating oil futures in the December contract is trading higher by 120 points at 1.1785 breaking a 3-day losing streak as prices are still hovering right near a 6 week high.
I have not talked about this commodity for quite some time, but I do believe that a possible bottom has been formed as I will be recommending a bullish position if prices break the October 8th high of 1.2050 while then placing the stop loss under the October 2nd low of 1.08 as the risk would be around $5,000 per contract plus slippage & commission as this is a large contract.
Heating oil is trading above its 20 day but still slightly below its 100 day moving average as prices have been stuck in the mud over the last several weeks, as we enter the highly volatile winter season when the volatility generally can have tremendous spikes due to extremely cold weather conditions especially out in the Eastern part of the United States so look to play this to the upside as I believe the commodity markets look very strong.
CHART STRUCTURE: IMPROVING
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