Per our trade alert, Heating oil continued down and took out trend support as we predicted. HO is about to get an 8day MA cross of the 21day further adding downward pressure.
Target one is the horizontal support at 2.15 with a second target of the larger channel support coming in around 2.05 currently but will change as time and price change.
If support is not found there we can pull out to the weekly chart to target the macro channel. Fib levels can also act as support levels and we will have to check the indicators as we approach major levels to determine the extent of the move.