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.
While RBOE gasoline (yellow line) has trended higher, the heating oil contract has formed a second peak (white line). Crude is locked in a trading range. Still, the RSI readings for gasoline continue to flash uptrends readings.
Crude is holding between a support zone and the resistance zone. It still looks like 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 pulling back after the uptrend and forming support. The current readings from the TFVCrss study are flashing a two-way market as the green buy volume line is tracking 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 taken, the price action was moving sideways. The red sell volume line was edging out the green buy 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.