{"id":166677,"date":"2022-12-18T01:30:00","date_gmt":"2022-12-18T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=166677"},"modified":"2022-12-17T23:10:58","modified_gmt":"2022-12-18T07:10:58","slug":"crude-oil-inside-bull-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-inside-bull-bar\/","title":{"rendered":"Crude Oil Inside Bull Bar, No Follow-through Selling"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The\u00a0<strong>Crude oil<\/strong>\u00a0futures was a Crude Oil inside bull bar on the weekly chart. The bears did not get follow-through selling this week. They hope the inside bull doji is a pullback and want another leg lower. The bulls want a breakout above the inside bull doji. They want a failed breakout of the trading range and the bull trend line.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Crude oil futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> crude oil chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling-680x383.png\" alt=\"Crude Oil Inside Bull Bar, No Follow-through Selling on weekly chart\" class=\"wp-image-166807\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This week\u2019s candlestick on the&nbsp;<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a>&nbsp;was an inside bull doji with a long tail above.<\/li>\n\n\n\n<li>Last week, we said that favors Crude Oil to trade at least a little lower. Traders will see if the bears get follow-through selling or not.<\/li>\n\n\n\n<li>This week did not trade below last week\u2019s low, and the bears failed to get follow-through selling.&nbsp;<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag (October 10 and November 7).<\/li>\n\n\n\n<li>They then got the second leg sideways to down retesting November 28 low and a breakout below the September low.&nbsp;<\/li>\n\n\n\n<li>Bears hope that this week was simply a pullback and wants another leg down breaking below December 9 low, completing the wedge pattern (first two legs being Nov 28 and Dec 9).<\/li>\n\n\n\n<li>They want a measured move down using the height of the September to November trading range which will take them to around $56.<\/li>\n\n\n\n<li>For that, the bears will need to create consecutive bear bars closing near their lows to convince traders of lower prices.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the September low and the bull trend line.&nbsp;<\/li>\n\n\n\n<li>They want a reversal higher from a lower low major trend reversal and a micro double bottom (Dec 9 and Dec 12).<\/li>\n\n\n\n<li>The last 4 candlesticks had a lot of overlapping price action which indicates trading range behavior and that the bears are not yet as strong as they would like to be.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a bull doji with a long tail above, it is a weaker buy signal bar. It is not a good sell signal bar.<\/li>\n\n\n\n<li>Being an inside bar means Crude Oil is in breakout mode. Bulls want a breakout above this week\u2019s high while bears want a breakout below this week\u2019s low.<\/li>\n\n\n\n<li>The candlestick after an inside bar sometimes is another inside bar, forming an ii (inside-inside) pattern, or has a lot of overlapping price action.&nbsp;<\/li>\n\n\n\n<li>The first breakout from an inside bar can fail 50% of the time.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can break above the inside bull doji.&nbsp;<\/li>\n\n\n\n<li>If they do, especially if it is a strong breakout closing near its high, the odds of a retest of the 20-week exponential moving average and the bear trend line increase.<\/li>\n\n\n\n<li>The US Government will start buying oil, and refilling the SPR (Strategic Petroleum Reserve). (Source:&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/energy\/us-begins-buying-back-oil-strategic-reserve-official-2022-12-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters \u2013 U.S begins buying back oil\u2026<\/a>)&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> crude oil chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low-680x383.png\" alt=\"Crude Oil Daily: HL MTR, Failed Breakout or Retest Low?\" class=\"wp-image-166810\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-HL-MTR-Failed-Breakout-or-Retest-Low.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil traded higher from Monday to Wednesday retesting the September low breakout point and the 20-day exponential moving average.<\/li>\n\n\n\n<li>Thursday and Friday traded lower, forming the second leg sideways to down.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor Crude Oil to trade at least a little lower. If there is a small pullback (bounce), odds favor at least a small second leg sideways to down after the pullback.<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag with October 7 high.<\/li>\n\n\n\n<li>They then got a strong second leg sideways to down (6 consecutive bear bars) breaking far below the major bull trend line and September low.<\/li>\n\n\n\n<li>The bears want another strong leg down, forming the wedge pattern with the first two legs being November 25 and December 9.<\/li>\n\n\n\n<li>They want a measured move down based on the height of the September to November trading range which will take them to around $56.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the trading range and the major bull trend line.<\/li>\n\n\n\n<li>They want a reversal higher from a lower low major trend reversal and a wedge bottom (Nov 18, Nov 25 and Dec 9). The bulls also have a micro double bottom (Dec 9 and Dec 12).<\/li>\n\n\n\n<li>They see Thursday and Friday as a small pullback and want a reversal higher from a higher low major trend reversal.<\/li>\n\n\n\n<li>The bulls will need to create consecutive bull bars closing near their highs, trading far above the bear trend line and the 20-day exponential moving average, to increase the odds of higher prices.<\/li>\n\n\n\n<li>Since Friday was a bear bar with a prominent tail below, it is a weaker sell signal bar for Monday.<\/li>\n\n\n\n<li>Traders will see if the bears can create a strong retest of the December 9 low followed by a breakout, or if next week surprises and trades higher breaking far above the bear trend line.<\/li>\n\n\n\n<li>The US Government will start buying oil, and refilling the SPR (Strategic Petroleum Reserve). (Source:&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/energy\/us-begins-buying-back-oil-strategic-reserve-official-2022-12-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters \u2013 U.S begins buying back oil\u2026<\/a>)&nbsp;<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: Crude Oil Futures The\u00a0Crude oil\u00a0futures was a Crude Oil inside bull bar on the weekly chart. The bears did not get follow-through selling this week. They hope the inside bull doji is a pullback and want another leg lower. The bulls want a breakout above the inside bull doji. They want a failed [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":166807,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[1892,136],"tags":[325,1395,1865],"class_list":{"0":"post-166677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crude-oil","8":"category-analysis","9":"tag-crude-oil-futures","10":"tag-higher-low-major-trend-reversal","11":"tag-inside-bar","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Bull-inside-Bar-No-Follow-through-Selling.png","author_info":{"display_name":"Andrew","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/andrewa\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/166677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/2836"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=166677"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/166677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/166807"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=166677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=166677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=166677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}