Heating Oil: Has it just found support?

Heating Oil has just made a Higher Low (RSI = 52.430, Highs/Lows = 0.0000) at 2.1600 on the 1W Channel Up that has been dictating its direction since January. Technically this is an ideal long term long entry towards the 2.4466 High.

However on the monthly chart and the 1M Channel Up (RSI = 60.743, MACD = 0.148, Highs/Lows = 0.0482) that started on January 2016, we notice repeated patterns within the wider formation. Those suggest a value of and Higher Low near 2.000 before the Channel Up resumes its long term uptrend.

In both cases Heating Oil is a long term buy.



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