NYMEX Heating Oil has been losing ground for 10 days, shedding a total of 11.26% of its value. Today is looking a bit better: Heating Oil recovers back to $3.23 per gallon today after dipping down to $3.18, in a session that follows a previous closing value of $3.24.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Heating Oil Futures's upper Bollinger Band® is at $3.94 and the lower is $3.16. Following today's trading session, chart analysis suggests after reaching the $3.18 support zone, Heating Oil Futures bounced and climbed 5 cents above it.
All in all, the technical analysis suggests Heating Oil has no clear-cut direction.
Meanwhile, mixed performances are seen in other Energy as after ending Friday's session at $7.02, Natural Gas lost 37.4 cents and is trading around $6.65. Crude Oil is up 1.23%.
Furthermore, the market is looking at as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 100, following on from the preceding figure of 102.5. New data is set to be published tomorrow at 15:00 UTC.
The commodity has been trending lower for about 30 days. Heating Oil has shed 20.03% over the past three months.