Heating Oil set for weak finish today; down 1.58% to $2.51 per gallon with a day before close

NYMEX Heating Oil is grinding lower from $2.55 to $2.51 per gallon, shedding 4.02 cents (1.58%) today.

Heating Oil made an initial break below its 3 day Simple Moving Average at $2.53, a possible indication of a forthcoming negative trend. Heating Oil Futures is currently flirting with an active Fibonacci support level around $2.53. NYMEX Heating Oil's upper Bollinger Band® is at $2.56 which indicates a further downward move may follow. On the other hand, note that NYMEX Heating Oil could begin to recover as it approaches significant support, now 2 cents away from $2.49. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Heating Oil Futures.

Around the markets, mixed performances are seen by Energy as Natural Gas moves 0.57% to trade around $2.65.

Furthermore, United States Building Permits (May) scheduled to come out tomorrow at 12:30 UTC.

Trading mostly sideways for a month. Over the past 7 months, NY Heating Oil has retreated 45.15% from a noteworthy peak of $4.65.