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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.
CHART STRUCTURE: EXCELLENT
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