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.
Yesterday, I warned that 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. Gasoline closed up, so its leadership is still intact.
Yesterday and initially today, sellers were able to take the market below the support zone based on continuation contract data. However, buyers have stepped in, and if the market can close above $63.95, the support zone is back in force.
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 trending upwards. The current readings from the TFVCrss study indicate good buying as the green buy volume line is flashing higher readings then the red sell volume line.
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 moving higher. Buyers were coming in. The green buy volume line was riding 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.