Heating Oil futures surged higher in tandem with the crude oil markets in Thursday's session as short-covering ahead of the weekend appears to be pushing sellers out in droves. Mounting tensions between Iran and the West continue driving the charts into solidly bullish technical formations. Autochartist has identified Heating Oil futures as a strong candidate for an upside breakout following the day's move.

Thursday's close implies a potential breakout above the wedge. This will register as a breakout on shorter-term and longer term time frames as the price pushes to new highs and opens the door for a possible spike to a much higher price level. Barring a reversal back into the edge in Friday's trade, the completion of this pattern appears to be in the form of a runaway rally following the topside breakout.

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