Hartle & Flow

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.

Same observations as yesterday: The products continue to show better relative strength compared to the price action for crude. Both RSI reading (white histogram bars) for heating oil and gasoline (yellow histogram bars) are flashing a higher reading than the RSI for crude. Both heating oil and gasoline are making new highs for the recent rally. The RSI for gasoline has closed above 62, and that confirms the up trend.

The daily chart for crude shows the price trading up through the resistance zone, but has backed into to it. The crude market needs to close above the Feb 9^th high of $61.23 to stay bullish.

The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. The price action is trading between the near-term support zone and the resistance zone. The most current RSI readings are indicating a trading range because the RSI readings are trapped between 38 and 62.

As this image was captured, the TradeFlow Chart, and my two studies, which are set to five TradeFlow bars, also has the ChartTrader. Traders are lifting offers. The red sell volume line is rising above green buy volume line of the TFVCrss, which indicates traders are hitting some bids.

The TradeFlow view can change in an instant.

This entry was posted Friday, February 23rd, 2007 at 9:23 am and is filed under TradeFlow, Energy Futures. You can leave a response, or trackback from your own site.