Crude Oil is Still Recovering, However…
Yesterday, the market closed down, but it did not violate the up trend line plotted along the rising lows of the RSI study. Today, the market is back above the high at $54.49 based on the March contract, which was the high of January 16th. At the moment, the market is tracing out a pivot high, which could be a short-term top if the market sells off into the close.
I will still 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 CV bars to watch for a bar closing. Following the rally from just below $54.20, the market is trading sideways.
The TradeFlow Chart shows the market is rising with decent buying based on the green buy volume line of the TFVCrss study dominating the red sell volume line.