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 RSI for gasoline continues to close above 62, confirming the up trend. Now, the RSI readings (white histogram bars) for heating oil look ready to close above 62, as well. That is further bullish momentum signs.
Yesterday, the close for crude was above the Feb 9th high of $61.23, confirming the up trend. The market started out a little weak today, but has recovered. I have already plotted a new short-term uptrend channel.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. The most current RSI readings are indicating bullish momentum because the RSI readings are peaking above 62. The market should hit the overhead resistance zone unless the RSI forms a peak below 62, which will signal a trading range.
The TradeFlow Chart, and my two studies, which are set to five TradeFlow bars, also has the ChartTrader. When this image was captured, buyers were coming in because the green buy volume line started dominating the red sell volume line of the TFVCrss study.
The TradeFlow view can change in an instant.