Early Narrow Range day for Crude Oil
So far, the daily bar chart shows Crude tracing out a narrow range day. Often, this can be the end of a trend run as it indicates the lower prices are failing to attract additional sellers. And, many traders will point to the oversold RSI readings as a reason for a rally. As I said before, I would respect the down trend status and look for rallies to sell until the momentum readings indicate a change in the trend status.
The TradeFlow chart of the crude oil traded on the Globex shows that buyers have initially stepped in based on the buy volume line (green) rising above the sell volume line (red) of the TradeFlow Cross Study. However, as the price rose the buy volume line was descending. That indicated the bounce was not attracting solid buying.