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 crude oil, gasoline, and heating oil are flashing uptrend values.
As I said yesterday, following this spike buying in crude oil will likely be some sort of retest of the high. Watch the volume numbers. If the volume is light, then crude will likely stay in a trading range with an upside bias.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. As this image was captured, the recent extreme RSI readings were closing above 62, which indicated bullish momentum. Most recently, the RSI has formed a pivot high below 62, which indicates a trading range with a bullish bias. The trend turns down if the RSI closes below 38.
The short-term view is the TradeFlow Chart, and my two studies, which are set to five TradeFlow bars, with the ChartTrader attached. When this image was taken, the price action was moving lower. Heavy selling was occurring as indicated by the red sell volume line surging above the green buy 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.