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 products are continuing to show better relative strength compared to the price action for crude. The RSI (white bars) for heating oil is flashing a higher reading than the RSI for crude and gasoline is 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 is trading in the resistance zone. The strength in the products could spill over into crude.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. The price action has stall at the resistance zone. The most current RSI readings are indicating buyers are dominating because the RSI readings are peaking above 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 green buy volume line is peaking above the red sell volume lone of the TFVCrss.
This view can change in an instant.