Market: (6E_F), (CL_F)
Chart:
Chart Analysis:
As the Euro continues to gain traction on the US Dollar, and Oil Futures (CL_F) embark on a possible bearish trend, it will be interesting to see how long the existing or new trends last. Today’s NinjaTrader Chart of the Day, created with the free end of day data from Kinetick, showcases Oil Futures (CL_F) closing lower than its open three days in a row. The Euro FX Futures (6E_F) closely resembles the price action of the Oil Futures (CL_F), however the Fibonacci extension lines illustrate the Euro FX Futures (6E_F) made it to the 76.4% line while the Oil Futures (CL_F) only made it to the 61% line. Moreover, utilizing the VOL Indicator, the Euro FX Futures (6E_F) experienced a significant hike in volume during its recent bullish trend, reaching nearing 400K, while the Oil Futures (CL_F) has remained relatively flat, hovering around 350K, with a noticeable decline to 196K since its downward trend.
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