After closing at $3.91 Friday, Heating Oil opened today at $3.9, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Heating Oil retains a distinct $3.83 to $3.9 daily range.
Heating Oil made an initial break below its 5 day Simple Moving Average at $3.85, a possible indication of a forthcoming negative trend. In contrast, Heating Oil could begin to recover as it approaches significant support, now 4 cents away from $3.84. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Heating Oil Futures to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the NY Heating Oil is expected to attract significant bearish sentiment in the coming days.
Though NYMEX Heating Oil has been dropping, other Energy have been performing better: Natural Gas is up 8.47%. Crude Oil is up 1.63% to $92.92.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
NY Heating Oil now trading 21.73% above its 3-month low of $2.06.