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\u2019s high.<\/p>\n\n\n\n
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-No-FT-Bear-Bar-2nd-Leg-Up-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a small bull doji bar.<\/li>
- Last week, we said that odds favor Crude Oil to trade at least slightly below last week\u2019s low. Traders will see if the bears can create a follow-through bear bar or if it trades lower but reverses to close with a bull body and a long tail below instead<\/li>
- The bears failed to get a follow-through bear bar, but the bulls on the other hand were not able to create a big bull body. <\/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 the August 30 or July 29 high. They got that last week.<\/li>
- However, they were not able to create a follow-through bear bar this week.<\/li>
- Bulls want a reversal higher 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>
- The bulls see this week as a breakout test of the Sept 26 high and want at least a small second leg sideways to up re-testing October 7 high.<\/li>
- Since this week\u2019s candlestick is a bull doji bar, it is a weak buy signal bar. <\/li>
- However, it followed the bear\u2019s failure to create follow-through selling. Bulls will likely attempt to trigger the High 2 buy signal by trading above this week\u2019s high.<\/li>
- If they do, traders will see if they get a strong entry bar closing near its high and subsequent follow-through buying.<\/li>
- If next week closes as a bear bar instead, the odds of a re-test of the September low increase.<\/li>
- The 20-week exponential moving average and bear trend line remains resistances above.<\/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-BO-Test-PB-2nd-Leg-Up-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- The bears got follow-through selling early this week. Wednesday was an inside bull bar, but bulls failed to get a follow-through bull bar on Thursday.<\/li>
- Friday triggered the Low 1 sell signal, but Crude Oil reversed back up to close as a doji bar.<\/li>
- The bulls want a reversal higher from a wedge pattern (June 22, July 14 and Sept 26) and a higher low major trend reversal (Oct 18).<\/li>
- The bulls see this week simply as a 2-legged pullback and a breakout test of the Sept 29 high.<\/li>
- In early October, the bulls created consecutive bull bars closing near their highs breaking far above the resistances. This was the strongest spike up since the selloff in June.<\/li>
- They want at least a small second leg sideways to up re-testing October 7 high.<\/li>
- If Crude Oil trades lower next week, the bulls want a double bottom with October 18 low.<\/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>
- They got a reversal lower from a double-top bear flag with August 30.<\/li>
- However, the bears did not get strong follow-through selling this week. <\/li>
- They hope that Thursday and Friday were simply a pullback and want another larger second leg lower to re-test Sept low.<\/li>
- Since Friday was a doji bar, it is not a strong sell signal bar for Monday.<\/li>
- For now, the bulls still have at least a 50% chance of at least a small second leg sideways to up to retest the Oct 7 high.<\/li>
- Bulls will likely attempt to trigger the High 2 buy signal by trading above Friday\u2019s high. Traders will see if the bulls can get a strong entry bar with subsequent follow-through buying.<\/li>
- However, if instead, the bears start creating consecutive bear bars closing near their lows next week, the odds of a retest of Sept low increases.<\/li><\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-2nd-Leg-Up.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a small bull doji bar.<\/li>
- Last week, we said that odds favor Crude Oil to trade at least slightly below last week\u2019s low. Traders will see if the bears can create a follow-through bear bar or if it trades lower but reverses to close with a bull body and a long tail below instead<\/li>
- The bears failed to get a follow-through bear bar, but the bulls on the other hand were not able to create a big bull body. <\/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 the August 30 or July 29 high. They got that last week.<\/li>
- However, they were not able to create a follow-through bear bar this week.<\/li>
- Bulls want a reversal higher 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>
- The bulls see this week as a breakout test of the Sept 26 high and want at least a small second leg sideways to up re-testing October 7 high.<\/li>
- Since this week\u2019s candlestick is a bull doji bar, it is a weak buy signal bar. <\/li>
- However, it followed the bear\u2019s failure to create follow-through selling. Bulls will likely attempt to trigger the High 2 buy signal by trading above this week\u2019s high.<\/li>
- If they do, traders will see if they get a strong entry bar closing near its high and subsequent follow-through buying.<\/li>
- If next week closes as a bear bar instead, the odds of a re-test of the September low increase.<\/li>
- The 20-week exponential moving average and bear trend line remains resistances above.<\/li><\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- The bears got follow-through selling early this week. Wednesday was an inside bull bar, but bulls failed to get a follow-through bull bar on Thursday.<\/li>
- Friday triggered the Low 1 sell signal, but Crude Oil reversed back up to close as a doji bar.<\/li>
- The bulls want a reversal higher from a wedge pattern (June 22, July 14 and Sept 26) and a higher low major trend reversal (Oct 18).<\/li>
- The bulls see this week simply as a 2-legged pullback and a breakout test of the Sept 29 high.<\/li>
- In early October, the bulls created consecutive bull bars closing near their highs breaking far above the resistances. This was the strongest spike up since the selloff in June.<\/li>
- They want at least a small second leg sideways to up re-testing October 7 high.<\/li>
- If Crude Oil trades lower next week, the bulls want a double bottom with October 18 low.<\/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>
- They got a reversal lower from a double-top bear flag with August 30.<\/li>
- However, the bears did not get strong follow-through selling this week. <\/li>
- They hope that Thursday and Friday were simply a pullback and want another larger second leg lower to re-test Sept low.<\/li>
- Since Friday was a doji bar, it is not a strong sell signal bar for Monday.<\/li>
- For now, the bulls still have at least a 50% chance of at least a small second leg sideways to up to retest the Oct 7 high.<\/li>
- Bulls will likely attempt to trigger the High 2 buy signal by trading above Friday\u2019s high. Traders will see if the bulls can get a strong entry bar with subsequent follow-through buying.<\/li>
- However, if instead, the bears start creating consecutive bear bars closing near their lows next week, the odds of a retest of Sept low increases.<\/li><\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n