Crude Oil is Edging Higher
Yesterday, the market closed higher and above the high at $54.49 based on the March contract, which was the high of January 16th for the second time. Today, the market is trading back and forth across the unchanged level in a narrow range. If the day ends up with such a low range, then buying looks to have run out.
I will keep an eye on the up trend line on the support points for the RSI to see if the momentum turns down.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader and the support and resistance zones plotted. I also include the total volume for the bar to watch for a bar closing.
The TradeFlow Chart shows the market is recovering after heavy selling (based on the red sell volume line of the TFVCrss study dominating the buy volume line).