Bears hope that this is simply a 2-legged sideways to up pullback and want a reversal lower from a double top bear flag with Oct 17 high or the Aug 30 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-Bulls-High-2-Buy-Entry-Need-FT-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a bull bar with prominent tails above and below. It closed above last week\u2019s high.<\/li>
- Last week, we said that the bulls will likely attempt to trigger the High 2 buy signal and traders will see if they get a strong entry bar closing near its high and subsequent follow-through buying.<\/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 hope that the current move is simply a 2-legged sideways to up pullback and want a retest of the September low.<\/li>
- They want a reversal lower from a double top bear flag with the October 7 or August 30 high or around the 20-week exponential moving average.<\/li>
- They want next week to close with a bear body even though Crude Oil may trade slightly higher first.<\/li>
- This week\u2019s candlestick is a bull bar, it is a weak sell signal bar for next 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 triggered the High 2 buy signal this week. Next week, they will need to create a follow-through bull bar to increase the odds of higher prices.<\/li>
- The second leg sideways to up re-testing October 7 high is currently underway. <\/li>
- The 20-week exponential moving average and bear trend line remains resistances above.<\/li>
- Since this week is a bull bar closing above the middle of the bar, it is a buy signal bar for next week. The prominent tail above indicates the bulls are not yet strong.<\/li>
- Odds slightly favor sideways to up. Traders will see if the bulls get follow-through buying.<\/li>
- If next week trades higher but reverses to a bear bar closing near its low from a double top bear flag, the odds of a re-test of the September low 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-2nd-Leg-Sideways-to-up-Testing-Bear-TL-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- Crude Oil traded sideways early in the week. It then moved higher from Wednesday and Thursday triggering the High 2 buy signal with some follow-through buying.<\/li>
- Friday pulled back slightly to close as a small bear bar with a prominent tail below.<\/li>
- Last week, we said that the bulls will likely attempt to trigger the High 2 buy signal and traders will see if the bulls can get a strong entry bar with subsequent follow-through buying.<\/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>
- 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>
- The bulls want at least a small second leg sideways to up re-testing October 7 high. It is currently underway.<\/li>
- They see Friday\u2019s small bear bar simply as a small pullback and want at least another small leg up.<\/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>
- In October, 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. <\/li>
- They hope that the current move is simply a 2-legged sideways to up pullback and want a re-test of the Sept low from a double top bear flag with the October 7 or August 30 high.<\/li>
- Since Friday was a small bear bar with a prominent tail, it is not a strong sell signal bar for Monday.<\/li>
- Odds slightly favor Crude Oil to trade at least a little higher.<\/li>
- Bulls will need to create consecutive bull bars closing near their highs breaking far above the October 7 high and the bear trend line to increase the odds of higher prices.<\/li>
- If instead, Crude oil stalls around the bear trend line or around the October 7 high and reverses lower, the odds of a retest of Sept low increases.<\/li><\/ul>\n\n\n\n
\n\n\n\nTrading room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. Al talks about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\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-Bulls-High-2-Buy-Entry-Need-FT.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a bull bar with prominent tails above and below. It closed above last week\u2019s high.<\/li>
- Last week, we said that the bulls will likely attempt to trigger the High 2 buy signal and traders will see if they get a strong entry bar closing near its high and subsequent follow-through buying.<\/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 hope that the current move is simply a 2-legged sideways to up pullback and want a retest of the September low.<\/li>
- They want a reversal lower from a double top bear flag with the October 7 or August 30 high or around the 20-week exponential moving average.<\/li>
- They want next week to close with a bear body even though Crude Oil may trade slightly higher first.<\/li>
- This week\u2019s candlestick is a bull bar, it is a weak sell signal bar for next 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 triggered the High 2 buy signal this week. Next week, they will need to create a follow-through bull bar to increase the odds of higher prices.<\/li>
- The second leg sideways to up re-testing October 7 high is currently underway. <\/li>
- The 20-week exponential moving average and bear trend line remains resistances above.<\/li>
- Since this week is a bull bar closing above the middle of the bar, it is a buy signal bar for next week. The prominent tail above indicates the bulls are not yet strong.<\/li>
- Odds slightly favor sideways to up. Traders will see if the bulls get follow-through buying.<\/li>
- If next week trades higher but reverses to a bear bar closing near its low from a double top bear flag, the odds of a re-test of the September low increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- Crude Oil traded sideways early in the week. It then moved higher from Wednesday and Thursday triggering the High 2 buy signal with some follow-through buying.<\/li>
- Friday pulled back slightly to close as a small bear bar with a prominent tail below.<\/li>
- Last week, we said that the bulls will likely attempt to trigger the High 2 buy signal and traders will see if the bulls can get a strong entry bar with subsequent follow-through buying.<\/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>
- 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>
- The bulls want at least a small second leg sideways to up re-testing October 7 high. It is currently underway.<\/li>
- They see Friday\u2019s small bear bar simply as a small pullback and want at least another small leg up.<\/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>
- In October, 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. <\/li>
- They hope that the current move is simply a 2-legged sideways to up pullback and want a re-test of the Sept low from a double top bear flag with the October 7 or August 30 high.<\/li>
- Since Friday was a small bear bar with a prominent tail, it is not a strong sell signal bar for Monday.<\/li>
- Odds slightly favor Crude Oil to trade at least a little higher.<\/li>
- Bulls will need to create consecutive bull bars closing near their highs breaking far above the October 7 high and the bear trend line to increase the odds of higher prices.<\/li>
- If instead, Crude oil stalls around the bear trend line or around the October 7 high and reverses lower, the odds of a retest of Sept low increases.<\/li><\/ul>\n\n\n\n
\n\n\n\nTrading room<\/h2>\n\n\n\n
Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. Al talks about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
Market analysis reports archive<\/h3>\n\n\n\n