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July 03, 2023An 11 day downtrend has resulted in the asset losing 19.27 cents. Today is looking a bit better: Heating Oil went up to $2.39 only to drop back to some of the way and is now trading at $2.38 per gallon.
This uncertain state for NY Heating Oil is reflected by published market data as United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released today at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. Fresh ISM Manufacturing Prices (Jun) data from United States came out at 41.8.
Trend-following investors would be interested to note that Heating Oil made an initial break below its 50 day Simple Moving Average at $2.39, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2.4 currently serving as support. If price action breaks below, the next Fib hurdle is $2.37. Analysis based on the asset volatility indicates that NYMEX Heating Oil's upper Bollinger Band® is at $2.57 and the lower is $2.31. Following today's trading session, chart analysis suggests Heating Oil is approaching key support, around 3 cents away from $2.35. 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.
Overall, the technical outlook suggests Heating Oil Futures is likely to remain muted for the immediate future, with no clear-cut direction.
Trading mostly sideways for 2 months. Heating Oil reached a significant high of $4.65 around 8 months ago but has lost 48.9% since then.
