Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil strong bull leg in the form of a 5-bar bull microchannel. The bulls want a retest and breakout above the trading range high (April high). The bears want the market to stall around the trading range high area and reverse lower. Crude oil […]
Crude Oil Follow-through
Market Overview: Crude Oil Futures The weekly chart formed a crude oil follow-through bull bar following last week’s close above the 20-week exponential moving average and the bear trend line. The bulls want a retest of the April high. The bears hope that the market will stall around the middle of the 35-week trading range and […]
Crude Oil Weak Close above 20-Week EMA
Market Overview: Crude Oil Futures The weekly candlestick was a Crude oil weak close above the 20-week EMA (exponential moving average) and the bear trend line. The bulls need to create follow-through buying next week to increase the odds of reaching the April high. The bears want a reversal down from a double top bear flag […]
Crude Oil Follow-through Bull Bar
Market Overview: Crude Oil Futures The Crude oil futures formed a follow-through bull bar on the weekly chart. The bulls hope that this is the start of the bull leg to retest the April high. The bears want the 20-week exponential moving average and the bear trend line to act as resistance. They want the […]
Crude Oil Bull Inside Bar & Trading Range
Market Overview: Crude Oil Futures The Crude oil futures monthly candlestick was a bull inside bar with a long tail above. The bulls want a breakout above while the bears want a breakout below June’s range. The first breakout from an inside bar can fail 50% of the time. Reversals and poor follow-through are common […]
Crude Oil Tight Trading Range
Market Overview: Crude Oil Futures The Crude oil futures formed a 7-week tight trading range. The bulls did not get sustained follow-through buying this week and the weekly candlestick reversed into a bear bar. The bears will need to create follow-through selling next week to increase the odds of retesting the May 4 low. Crude […]
Crude Oil HL MTR (Higher Low Major Trend Reversal)
Market Overview: Crude Oil Futures The Crude oil futures formed a HL MTR (Higher Low Major Trend Reversal) pattern on the weekly chart. The market traded lower but the bears failed to get follow-through selling. Poor follow-through and reversals are common within a trading range. The bulls need to create a follow-through bull bar next […]
Crude Oil Tight Trading Range
Market Overview: Crude Oil Futures The Crude oil futures formed a tight trading range in the last 5 weeks. The bears want a retest of the May 4 low. They will need to create a follow-through bear bar next week. The bulls want a reversal from a higher low major trend reversal. Poor follow-through and reversals are […]
Crude Oil Weak Second Leg Retest of May Low
Market Overview: Crude Oil Futures The Crude oil futures formed a weak second leg retest of May low on the weekly chart. The market traded lower but reversed higher to close above the middle of the weekly candlestick with a long tail below. The bears hope to get follow-through selling next week and a retest of the […]
Crude Oil Sideways Trading Range
Market Overview: Crude Oil Futures Crude Oil sideways trading range formed in the last 3 weeks. The bulls want a reversal from a double bottom (Mar 20 and May 4) and a higher low major trend reversal (May 15). The bears want another leg down testing the May 4 low. The market is in a 27-week […]