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.
Since my last writing, the price of crude oil is locked in trading range while gasoline continues to climb. The RSI for gasoline continues to flash uptrends readings.
Crude has broken the supply line of the downtrend channel, which is a positive sign. The crude market is holding below a resistance zone. The strength in the products is likely to pull crude along with them.
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 are flashing strong buying as the green buy volume line is peaking above the readings of 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 trending upwards. Buyers are coming in. The green buy volume line is peaking above the red sell volume line of the TFCross 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 TFCross 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.