Market Overview: Crude Oil Futures The bears need a Crude Oil breakout below the bull trend line to increase the odds of the bear leg beginning. The bulls want a retest of the April 12 high after the current pullback, even if it forms a lower high. They want the 20-week EMA or the bull trend line to […]

Market Overview: Crude Oil Futures The monthly chart formed a Crude Oil lower high in April. The bears want April to reverse back below the 20-month EMA and form a second leg sideways to down to retest the December low from a lower high major trend reversal (Apr 12). The bulls hope that the current sideways-to-down move is simply […]

Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil bull channel and a bull leg within a trading range. The bears see this week simply as a pullback and want at least a small second leg sideways to down. The bulls want a retest of the September 28 high after the current pullback. If […]

Market Overview: Crude Oil Futures The weekly chart formed a Crude Oil pullback closing as a bear bar with a prominent tail below. The bears will need to create consecutive bear bars closing near their lows to convince traders that they are back in control. If the market trades lower, the bulls want the 20-week […]

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 […]

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 […]

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. […]

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 […]

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 […]

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 […]