Market Overview: Crude Oil Futures The Crude Oil bulls want a second leg up from a double bottom bull flag (Oct 30 and Nov 6). Bears want at least a small second leg sideways to down to retest the October 20 low, even if it only forms a higher low. Poor follow-through and frequent reversals […]

Market Overview: Crude Oil Futures Crude Oil is trading in area of balance around the middle of the trading range. If the market trades higher, the bears expect sellers above the 5-bar bear microchannel, forming a double top bear flag with the August or July highs. The bulls will need consecutive bull bars breaking strongly […]

Market Overview: Crude Oil Futures Crude oil reversed to the middle of trading range this week. The bears want a reversal from a large wedge bear flag (Jul 30, Sep 26, and Oct 24). The bulls need to create strong consecutive bull bars trading far above the 20-week EMA and the bear trendline to increase […]

Market Overview: Crude Oil Futures The bears want a strong Crude oil bear leg to test the trading range low (Apr 9). They must continue to create follow-through selling to increase the odds of testing the trading range low. The bulls hope the lower third of the large trading range will act as support. They […]

Market Overview: Crude Oil Futures Crude Oil breakout from the trading range this week and the bears need follow-through selling. They want a measured move based on the height of the recent trading range, which will take the market to the $55 area. The bulls need to create strong bull bars trading above the 20-week […]

Market Overview: Crude Oil Futures There was no weekly follow-through selling in Crude oil futures and the market reversed above the 20-week EMA. The bulls must create strong follow-through buying above the 20-week EMA and the bear trend line to show they are back in control. The bears view the current move as a pullback, […]

Market Overview: Crude Oil Futures The market formed a large Crude oil wedge bear flag on the weekly chart. The bears must create strong follow-through selling, trading far below the 20-week EMA and the August 13 low to increase the odds of testing the trading range low. The bulls want a reversal from a large […]

Market Overview: Crude Oil Futures The weekly Crude oil bears need follow-through selling below the August 13 low. They see this week as a pullback and want the 20-week EMA and the bear trend line to act as resistance. The bulls hope the 20-week EMA or the August 13 low area will act as support. […]

Market Overview: Crude Oil Futures The market is forming a weekly Crude oil large double top bear flag (Jul 30 and Sep 2). The bears must create strong follow-through selling far below the 20-week EMA and the August 13 low to increase the odds of testing the trading range low. The bulls hope the 20-week […]

Market Overview: Crude Oil Futures On the monthly chart, Crude Oil trading in the middle of trading range in an area of balance and a magnet. If the conflict in the Middle East flares up in the weeks ahead, that will cause the market to be volatile. Crude oil futures The Monthly crude oil chart […]