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 gasoline and heating oil are still forming peaks above 62, which indicate an uptrend status for two of the three markets. Today, if crude closes up, the RSI will turn up from above 38, and that is a positive sign.
Yesterday, when the crude market began to trade below the lower side of the support zone at $63.36, sellers took charge and brought the market down to the next support zone that has a demand price of $61.25. Today, it appears buyers are coming in as the price of crude is rising from within the support zone on the daily chart. Also, if the market closes up today, the RSI will turn up from above 38. Peak RSI reading above 62, and low side RSI readings turning up from above 38 is bullish market behavior.
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 recovering following yesterdays sharp decline. I plotted a red horizonetal line over the RSI to denote how the RSI could not get above 62 and then a wave of selling followed.
Today, the RSI readings are between 38 and 62, signaling a trading range. If the RSI closes above 62, the trend is turning 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 lower. The red sell volume line is peaking above the green buy volume line of the TFVCrss study. Traders are hitting bids.
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.