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 still forming peaks above 62, which indicate an uptrend status for all three markets.
Today, the crude oil market has traded below the demand line of the uptrend channel, but is holding at the support zone on the daily chart.
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 had broken down through the near-term support zone. The recent extreme RSI readings were closing below 38, which is a sign of downside momentum. If the RSI can close back above 62, then the trend will have turned back up.
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 captured, the price action was moving sideways. The green buy volume line is tracking the red sell volume line of the TFVCrss study. This is a two-way market.
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.