Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil pullback, closing as a bear doji following last week’s breakout above the bull channel. The bears want a failed breakout above the bull channel and a reversal from a wedge pattern. If the market trades lower (pullback), the bulls want the 20-week EMA […]
Stronger Crude Oil Buying Pressure
Market Overview: Crude Oil Futures The bulls managed managed to create consecutive bull bars closing near their highs which means stronger Crude Oil buying pressure. They want a retest of the trading range high (Sept 28). The bears need to create consecutive bear bars closing near their lows to convince traders that they are back […]
Crude Oil Bull Leg
Market Overview: Crude Oil Futures The weekly chart is in a persistent bull channel which could be the start of the Crude Oil bull leg to retest the trading range high. The bears will need to create sustained follow-through selling closing below the 20-week EMA but they have not yet been able to do so. […]
Crude Oil Weak Bull Channel
Market Overview: Crude Oil Futures The weekly chart is in a Crude Oil weak bull channel. The bulls need to create a strong breakout trading far above the January high to increase the odds of a retest of the trading range high. The bears see the recent sideways to up pullback as forming a wedge […]
No Follow-through Selling in Crude Oil
Market Overview: Crude Oil Futures There was no follow-through selling in Crude Oil on the weekly chart, forming an outside bull bar closing near its high. If the bulls can create more follow-through buying, it can swing the odds in favor of the bull leg beginning. The bears see the recent sideways to up pullback […]
Crude Oil ioi Pattern
Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil ioi pattern (inside-outside-inside), a breakout mode pattern. The bears want a breakout from the ioi pattern and a wedge bear flag with a strong close below the 20-week EMA. If the market trades lower, the bulls want a reversal from a higher low […]
Crude Oil Wedge
Market Overview: Crude Oil Futures The monthly chart is forming a Crude Oil wedge bear flag. The bulls will need to create a follow-through bull bar closing above the 20-month EMA to increase the odds of the bull leg beginning. The bears want a retest of the December low from a wedge bear flag (Dec […]
Crude Oil Wedge Bear Flag
Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil wedge bear flag on the weekly chart. The bears will need to create sustained follow-through selling closing below the 20-week EMA to increase the odds of another leg lower. If the market trades lower, the bulls want a reversal from a wedge bull […]
Crude Oil Pullback Phase
Market Overview: Crude Oil Futures The weekly chart is in the Crude Oil pullback phase which has lasted 10 weeks so far. The bulls need to create sustained follow-through buying above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning. The bears see the recent sideways to […]
Crude Oil Overlapping Candlesticks
Market Overview: Crude Oil Futures Traders see Crude Oil Overlapping Candlesticks on the weekly chart which means the market is forming a tight trading range. The bulls will need to create sustained follow-through buying above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning. If the market […]