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 all peaking above 62, which indicates an uptrend status for all three markets. However, crude oil is failing at the resistance zones, and is pulling back
Today, more selling is coming into crude oil. Yesterday was the third attempt to move higher, and the buyers could not gain control. Now, the price action has broken the demand line of the uptrend channel. The market is likely to test the support zone.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. As this image was captured, the market is locked between support and resistance zones. The recent extreme RSI readings are closing below 38, which indicate downside momentum.
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 dropping. Traders were hitting bids. The red sell volume line was dominating 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.