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 (yellow histogram bars) and the RSI readings (white histogram bars) for heating oil continues to close above 62, confirming the up trend. That is another sign of bullish momentum.
Today, the high for crude has hit the lower side of the resistance channel. Normally, the market does trade into the resistance or support channel.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. The market is trading between a support and a resistance zones. I always watch for a market to just move above a resistance zone and if it reverses, then that is a negative sign. The RSI readings are flashing 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, the red sell volume line was dominating the green buy volume line TFVCrss study, indicating sellers were hitting bids.
The TradeFlow view can change in an instant.