Heating Oil Futures trades at $2.66 per gallon, after ending yesterday at $2.64.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. NYMEX Heating Oil has potential of recording further declines after crossing its lower Bollinger Band® at $2.66.
Despite the market lacking direction, technical chart analysis strongly suggests Heating Oil Futures is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Crude Oil is down to $66.09, losing $2.26, after closing at $68.35 in the preceding trading session. Brent Crude Oil closed at $72.34 (down 3.16%). Natural Gas is down to $2.38, losing 13.8 cents, after closing at $2.51 in the preceding trading session.
The commodity has been trending lower for about a month. The current year has not been the best for NYMEX Heating Oil as it lost 18.27% from its highest point of $4.94.