Market Rebounding Following the Narrow Range day for Crude Oil
The daily bar chart shows crude oil rebounding following Friday’s narrow range day. As I said on Friday, often, this can be the end of a trend run as it indicates the lower prices are failing to attract additional sellers. However, the RSI readings indicate a down trend, and considering all of the overhead supply as indicated by the trading range before the market broke down, I expect lower prices.
The TradeFlow chart of the crude oil traded on the Globex shows that sellers are dominating based on the sell volume line (red) of the TradeFlow Cross Study dominating the buy volume line.