Market Overview: Crude Oil Futures The market formed a weekly Crude Oil follow-through selling on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 12 and Jul 5) and from around the top of the large triangle pattern. The bulls hope that the […]
Weekly Crude Oil Bull Leg
Market Overview: Crude Oil Futures The market formed a weekly Crude Oil bull leg in the form of a 5-bar bull micro channel. The bulls want a retest of the July 5 high and hope to get a strong breakout above the triangle pattern. The bears want a reversal from a lower high major trend […]
Weekly Crude Oil Tight Bull Channel
Market Overview: Crude Oil Futures The market formed a weekly Crude Oil tight bull channel from the June 4 low. The bulls have a 5-bar bull microchannel which means persistent buying. There may be buyers below the first pullback from such a strong bull microchannel. The bears want a reversal from a lower high major […]
No Crude Oil Breakout
Market Overview: Crude Oil Futures There is no Crude Oil breakout above the expanding triangle yet on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 26 and Jun 28) and from around the top of the broadening triangle. The bulls hope to […]
Crude Oil Bulls Need Follow-through
Market Overview: Crude Oil Futures The Crude Oil bulls need follow-through buying following this week’s breakout above the bear trend line. They also need to create a breakout above the expanding triangle top. The bears want a reversal from a lower high major trend reversal, from a double top bear flag (May 29 and Jun […]
Weekly Crude Oil Pullback
Market Overview: Crude Oil Futures The market formed a weekly Crude Oil pullback to the middle of the trading range on the weekly chart. The bulls want a retest of the April 12 high after the current pullback and the bull trend line to act as support. The bears want the 20-week EMA and the bear trend line to […]
Weak Crude Oil Breakout
Market Overview: Crude Oil Futures The weekly chart formed a weak Crude Oil breakout from the small expanding triangle. The bulls want the 20-week EMA or the bull trend line to act as support. They want a failed breakout below the bull trend line. The bears need to create follow-through selling trading far below the […]
Weekly Crude Oil Tight Trading Range
Market Overview: Crude Oil Futures The market formed a weekly Crude Oil tight trading range in the form of 4 overlapping candlesticks. The bears see the tight trading range simply as a sideways pullback and want another strong leg down. The bulls want the 20-week EMA or the bull trend line to act as support. […]
Crude Oil OO Pattern
Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil OO pattern (outside-outside) which means the market is in breakout mode. Crude Oil is currently trading around the middle of the large trading range, which is an area of balance. The overlapping price action in the last 3 weeks also indicates that the market is in a tight trading range. Crude oil futures The […]
Crude Oil stalled
Market Overview: Crude Oil Futures Crude Oil stalled at the bull trend line in the last 2 weeks. The bears want at least another sideways to down leg, completing the third push down (wedge) with the first two legs being April 22 and May 8. The bulls want a reversal from a wedge (Apr 22, May 8, and May 15), […]