Market Overview: Crude Oil Futures The market formed a Crude oil large wedge bull flag within the trading range. Bulls need consecutive strong bull bars closing well above the 20-week EMA and the bear trend line to show they are gaining control. Bears need consecutive strong bear bars breaking below the October 20 low to […]
Crude Oil Bears Need Follow-through Selling
Market Overview: Crude Oil Futures The Crude oil bears need follow-through selling breaking below the October 20 low to increase the odds of another strong leg down. Bulls see the current move as a retest of the prior low (Nov 25) and want it to form a small double bottom (Nov 25 and Dec 11) […]
Weekly Crude Oil Bulls Need Strong Follow-through Buying
Market Overview: Crude Oil Futures The weekly Crude oil bulls need strong follow-through buying closing far above the 20-week EMA and the bear trendline to show they are taking control. If the market trades higher, bears want the 20-week EMA and the bear trendline to hold as resistance, forming another major lower high. Crude oil […]
Inside Bear Bar on Crude Oil Monthly Chart
Market Overview: Crude Oil Futures The market formed an inside bear bar on Crude Oil monthly Chart. If the market trades higher, bears want the 20-month EMA or the bear trendline to act as resistance. Bulls see the current move as a pullback within the trading range and want a reversal from a higher-low major […]
Crude Oil Retest of the October Low
Market Overview: Crude Oil Futures The market is forming a Crude oil retest of the October low. Bulls want a reversal from a higher low major trend reversal and a wedge bull flag (Nov 6, Nov 13, Nov 21). Bears hope for a strong bear leg breaking below the October low to test the lower […]
Crude Oil Wedge Bull Flag Pullback
Market Overview: Crude Oil Futures The market formed a Crude oil wedge bull flag pullback. Bulls see the current move as a retest of the October low and want a reversal from a higher-low major trend reversal and a wedge bull flag (Oct 30, Nov 6, Nov 13). If the market trades higher, bears want […]
Crude Oil Bulls Want a Second Leg Up
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 […]
Crude Oil Is Trading in Area of Balance
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 […]
Crude Oil Reversed to the Middle of Trading Range
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 […]
Bears Want a Strong Crude Oil Bear Leg
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 […]
