NYMEX Crude Oil, Heating Oil and RBOB Gasoline Traded on Globex
The CQG Analog Chart, which is a chart display that plots multiple markets, has crude oil (blue bars), gasoline (light green close only line), and heating oil (white close only line) plotted. In addition, I have the RSI study plotted for each market using the same colors as the prices.
The recent RSI readings for gasoline and heating oil are still forming peaks above 62, which continue to indicate an uptrend status for two of the three markets. On Friday, the RSI for crude oil turned down from 62, signaling a trading range with a bullish bias for crude.
Today, sellers are driving the market down after the test of the near-term resistance zone on the daily chart. The RSI on Friday closed down, so now there is a peak by the RSI below 62. That signals a trading range for crude.
The Aggregated TFlow chart is set to 3-ticks range (available in CQG 7.5) with my two custom studies plotted. Currently, the market is trading down. However, the current readings from the TFVCrss study show buyers starting to come in as the green buy volume line is edging above the red sell volume line.
The short-term view is the TFlow Chart, and my two studies, which are set to five TFlow bars, with the ChartTrader attached. I have the CQG Order Ticker below the chart.
When this image was captured, the price action was starting to climb. The green buy volume line was above the red sell volume line of the TFVCrss study.
I have noticed that once a wave of selling or buying occurs in crude with a peak in the green buy volume line or the red sell volume line of the TFVCrss study using the TFlow view, the market tends to reverse, as compared to simply consolidating and then continuing.
The TFlow view can change in an instant.