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.
It is a mixed market today for crude and products. If gasoline closes down, then the RSI readings for gasoline will form a peak below 62, and signal a trading range, but with a bullish bias. That could ultimately be a negative as gasoline has been leading the way for a few months.
Yesterday, buyers came in at the support zone based on continuation contract data. And, today, the same levels are being tested for a second time.
The Aggregated TradeFlow chart is set to 5-ticks range (available in CQG 7.5) with my two custom studies plotted. Currently, the market is pulling back following the nice rally off the low for the day. The current readings from the TFVCrss study looks like a peak is in place because the green buy volume line just hit such a high level. Watch to see if sellers come in. We’ll know by the red sell volume line ratcheting upwards.
The short-term view is the TradeFlow Chart, and my two studies, which are set to five TradeFlow bars, with the ChartTrader attached. I have the CQG Order Ticker below the chart.
When this image was captured, the price action was working sideways, but there was some light buying coming in. The green buy volume line was edging above the red sell 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.