Heating Oil continues trading sideways, currently at $2.38

It's been more of the same this session on the back of 11 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, NY Heating Oil is trading around $2.38 per gallon and ranging between $2.35 and $2.39.

Heating Oil made an initial break below its 21 day Simple Moving Average at $2.36, a possible indication of a forthcoming negative trend. NYMEX Heating Oil's upper Bollinger Band® is at $2.43, suggesting that a downward move may follow. Despite this, after reaching the $2.35 support zone, Heating Oil Futures bounced and climbed 2 cents above it.

Despite the market lacking direction, technical chart analysis strongly suggests NY Heating Oil is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as after ending today's session at $2.42, Natural Gas lost 6.3 cents and is trading around $2.35. Crude Oil trades with no major change, around $73.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available tomorrow at 14:00 UTC.

NY Heating Oil is now trading 49.07% below the significant high of $4.65 it set around 6 months ago.