Crude oil futures<\/h2>\n\n\n\nThe Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Crude-Oil-Weekly-Strong-Bull-Bar-Break-above-Resistances-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart was big bull bar closing near the high.<\/li>
- Last week, we said that Crude Oil may start to see some sideways to up pullback beginning within a few weeks. The pullback likely has begun this week.<\/li>
- While the move down since June was in a tight bear channel, the candlesticks had a lot of overlapping price action. The bears are not yet as strong as they could have been.<\/li>
- The bears want at least a small second leg sideways to down retesting the September low after a pullback.<\/li>
- They want a reversal lower from a double top bear flag with August 30 or July 29 high.<\/li>
- Bulls want a reversal from a wedge bull flag (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The bulls will need to create consecutive bull bars closing near their highs breaking far above the bear trend line and the 20-week exponential moving average to convince traders that the correction may be over.<\/li>
- They got a strong rally this week, closing above the bear trend line and 20-week exponential moving average.<\/li>
- The bulls will need to create a follow-through bull bar next week to increase the odds of higher prices.<\/li>
- Since this week was a big bull bar closing near the high, odds favor at least slightly higher prices.<\/li>
- Traders will see if the bulls can create a follow-through bull bar. If they do, especially if it is strong, increases the odds of a retest of July or August high.<\/li>
- However, if next week trades higher, but reverses to close with a bear body instead, the odds of a retest of the September low would increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Crude-Oil-Daily-Strong-Bull-Spike-2nd-Leg-Sideways-up-Likely-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week gapped up and continued to trade higher for the rest of the week.<\/li>
- The bulls want a reversal from a wedge pattern (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The 20-week exponential moving average and bear trend line are resistances above.<\/li>
- This week, the bulls created consecutive bull bars closing near their highs breaking far above the resistances. <\/li>
- This was the strongest spike up since the sell-off in June.<\/li>
- Traders expect at least a small second leg sideways to up after a small pullback.<\/li>
- The bulls want to create a spike and channel with the August 30 and July 29 highs as the next targets.<\/li>
- While the move down since June was in a tight bear channel, there was a lot of overlapping price action.<\/li>
- That means the bears are not yet as strong as they could have been.<\/li>
- The bears want a 2-legged sideways to down re-test of the Sept low after the pullback.<\/li>
- If Crude Oil continues to trade higher, they want a reversal lower from a double top bear flag with August 30 or July 29 high.<\/li>
- For now, the spike up this week is strong enough for traders to expect at least slightly higher prices and a second leg sideways to up after a small pullback.<\/li><\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart was big bull bar closing near the high.<\/li>
- Last week, we said that Crude Oil may start to see some sideways to up pullback beginning within a few weeks. The pullback likely has begun this week.<\/li>
- While the move down since June was in a tight bear channel, the candlesticks had a lot of overlapping price action. The bears are not yet as strong as they could have been.<\/li>
- The bears want at least a small second leg sideways to down retesting the September low after a pullback.<\/li>
- They want a reversal lower from a double top bear flag with August 30 or July 29 high.<\/li>
- Bulls want a reversal from a wedge bull flag (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The bulls will need to create consecutive bull bars closing near their highs breaking far above the bear trend line and the 20-week exponential moving average to convince traders that the correction may be over.<\/li>
- They got a strong rally this week, closing above the bear trend line and 20-week exponential moving average.<\/li>
- The bulls will need to create a follow-through bull bar next week to increase the odds of higher prices.<\/li>
- Since this week was a big bull bar closing near the high, odds favor at least slightly higher prices.<\/li>
- Traders will see if the bulls can create a follow-through bull bar. If they do, especially if it is strong, increases the odds of a retest of July or August high.<\/li>
- However, if next week trades higher, but reverses to close with a bear body instead, the odds of a retest of the September low would increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- This week gapped up and continued to trade higher for the rest of the week.<\/li>
- The bulls want a reversal from a wedge pattern (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The 20-week exponential moving average and bear trend line are resistances above.<\/li>
- This week, the bulls created consecutive bull bars closing near their highs breaking far above the resistances. <\/li>
- This was the strongest spike up since the sell-off in June.<\/li>
- Traders expect at least a small second leg sideways to up after a small pullback.<\/li>
- The bulls want to create a spike and channel with the August 30 and July 29 highs as the next targets.<\/li>
- While the move down since June was in a tight bear channel, there was a lot of overlapping price action.<\/li>
- That means the bears are not yet as strong as they could have been.<\/li>
- The bears want a 2-legged sideways to down re-test of the Sept low after the pullback.<\/li>
- If Crude Oil continues to trade higher, they want a reversal lower from a double top bear flag with August 30 or July 29 high.<\/li>
- For now, the spike up this week is strong enough for traders to expect at least slightly higher prices and a second leg sideways to up after a small pullback.<\/li><\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n