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.
Today, some selling is coming into crude oil. However, yesterday’s upward drive was pushed with good volume; therefore, the trend is still up.
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 below 38, which indicated downside momentum. Most recently, the RSI has formed pivot lows above 38, which indicates a trading range with a bearish bias. The trend turns up if the RSI closes above 62.
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 working its way lower lower. Traders were selling as indicated by the red sell volume line peaking 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.