Friday at a glance: NY Heating Oil was steady Friday maintaining a $2.48 – $2.52 range before closing at $2.5 per gallon.
Chart analysis suggests Heating Oil is approaching key support, around 2 cents away from $2.48. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Concerning technical analysis and more specifically, trend indicators, 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's upper Bollinger Band® is at $2.78 and the lower is $2.49.
All in all, the technical analysis suggests NYMEX Heating Oil has no clear-cut direction.
While NY Heating Oil was pretty flat Friday, mixed performances were seen elsewhere as notably, Brent Crude Oil rose 0.81% Friday and closed at $81.1. Crude Oil added 0.75% and closed around $77.37 Friday.
The commodity has been trending lower for about 2 months. Heating Oil Futures is now trading 29.66% below its 3-month high of $4.94.