Market Overview: Crude Oil Futures The Crude Oil futures broke below bear trend line this week on the weekly chart. The bears need to create consecutive bear bars closing far below the bear trend line and September low to increase the odds of lower prices. The bulls hope that the current move down is a […]
Market Overview: Crude Oil Futures The Crude oil futures reversed lower from a crude oil double top bear flag. The bears need to break far below the major bull trend line to increase the odds of lower prices. Bulls want a reversal higher from a higher low MTR (major trend reversal). The major bull trend […]
Market Overview: Crude Oil Futures The Crude oil futures weekly candlestick formed a crude oil double top bear flag with October 10 high, closing as an outside bear bar. However, the long tail below makes it a weaker bear bar. Bears need a follow-through bear bar to increase the odds of a retest of the September low. […]
Market Overview: Crude Oil Futures The Crude oil futures is forming a crude oil second leg sideways to up from a higher low major trend reversal (Oct 18) on the weekly chart. It is the second leg up re-testing October 10 high. Bulls want a follow-through bull bar after breaking above the 20-week exponential moving […]
The Crude oil futures traded lower but the bears failed to get a follow-through bear bar and the market closed as a bull doji. The bears hope that this week was simply a pullback and want a second leg sideways to down to re-test the September low. The bulls want a second leg sideways to up re-testing October 7 high. Bulls will likely attempt to trigger the High 2 buy signal by trading above this week’s high.
Market Overview: Crude Oil Futures Crude oil no bull follow-through after last week’s surprise big bull bar. Bulls see this simply as a 50% pullback following last week’s climactic rally and want at least a small second leg sideways to up. Bears want a retest of Sept low. If next week closes as a bear follow-through […]
Market Overview: Crude Oil Futures Crude oil strong rally reversed higher closing above the bear trend line and the 20-week exponential moving average. The bulls need to create a follow-through bull bar to increase the odds of higher prices. Bears want a reversal lower from a double top bear flag with August 30 or July 29 […]
Market Overview: Crude Oil Futures The Crude oil futures continue to trade lower in a tight bear channel. However, there is a lot of overlapping price action on the weekly chart (crude oil no follow-through) which means the bears are not yet as strong as they could have been. The bears failed to get follow-through selling following […]