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 readings for the gasoline (yellow histogram bars) continue to power ahead and flash strong upside momentum readings. The RSI readings for heating oil and crude oil are turning bullish.
Crude oil continues to rally after forming the support zone. The market appears to be headed for the next resistance zone.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. The RSI readings were closing above 62, which indicated bullish momentum. Now, the RSI has moved below 50, but turned up from above 38. These are still uptrend momentum readings.
The TradeFlow Chart, and my two studies, which are set to five TradeFlow bars, also has the ChartTrader. When this image was captured, the price action was moving sideways. There was some light buying. The green buy volume line was edging above the red sell volume line of the TFVCrss study.
I have noticed that once a wave of selling or buying occurs in crude with a peak in the green buy volume line or the red sell volume line of the TFVCrss study using the TradeFlow view, the market tends to reverse, as compared to simply consolidating and then continuing.
The TradeFlow view can change in an instant.