{"id":168882,"date":"2023-01-22T01:30:00","date_gmt":"2023-01-22T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=168882"},"modified":"2023-01-22T01:26:07","modified_gmt":"2023-01-22T09:26:07","slug":"crude-oil-9-week-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-9-week-trading-range\/","title":{"rendered":"Crude Oil 9-Week Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The <strong>Crude oil<\/strong> futures market is in a 9-week trading range. This week was a breakout above the inside bull bar, but Crude Oil is sitting just under the 9-week trading range high, 20-week exponential moving average and bear trend line. The bulls will need to break far above these resistances to convince traders of higher prices. Crude Oil is in a small trading range.\u00a0Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.<\/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\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR-680x383.png\" alt=\"Crude Oil Weekly: 9-Week Trading Range BO above inside Bull Bar, TR\" class=\"wp-image-168979\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR.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 a small bull doji.<\/li>\n\n\n\n<li>Last week, we said that the odds favor a breakout above the inside bull bar.&nbsp;<\/li>\n\n\n\n<li>While this week broke above last week\u2019s high, it was not a strong breakout and closed slightly below the 20-week exponential moving average.<\/li>\n\n\n\n<li>Previously, the bears got a reversal lower from a double-top bear flag (October 10 and November 7) breaking below the September low. However, they failed to get follow-through selling.<\/li>\n\n\n\n<li>Bears want another leg down breaking below the December low, completing the wedge pattern (the first two legs being Sept 26 and Dec 9).<\/li>\n\n\n\n<li>They hope that the last 9 weeks were simply forming a double-top bear flag (Dec 1 and Jan 18).\u00a0<\/li>\n\n\n\n<li>The 20-week exponential moving average and bear trend line remains as resistances above.<\/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 got another leg higher to retest the December high from a higher low major trend reversal (Jan 5).<\/li>\n\n\n\n<li>The bulls need to create follow-through buying far above the 9-week trading range high and bear trend line to increase the odds of higher prices.<\/li>\n\n\n\n<li>This week was a breakout from the inside bull bar. The first breakout from an inside bar can fail 50% of the time.<\/li>\n\n\n\n<li>Since this week was a small bull doji, it is a weaker buy signal bar, especially since it is sitting just under the 9-week trading range high, bear trend line and the 20-week exponential moving average.<\/li>\n\n\n\n<li>Traders will see if the bulls can create follow-through buying, breaking far above the trading range high, or if next week trades slightly higher but stalls and reverses lower again.<\/li>\n\n\n\n<li>The last 9 candlesticks are overlapping sideways. That means Crude Oil is in a small trading range.&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are more likely within a trading range. Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.<\/li>\n\n\n\n<li>Crude Oil could be forming a trending trading range.<\/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\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR-680x383.png\" alt=\"Crude Oil Daily: 2nd Leg up in a TR, HL MTR?\" class=\"wp-image-168982\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-2nd-Leg-up-in-a-TR-HL-MTR.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 sideways to up for the week.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor Crude Oil to trade at least a little higher.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the September \u2013 November trading range and the major bull trend line.<\/li>\n\n\n\n<li>They want a reversal higher from a wedge bottom (July 14, Sept 26 and Dec 9) and a higher low major trend reversal (Jan 5).<\/li>\n\n\n\n<li>They see the move down from January 3 simply as a retest of the December low.<\/li>\n\n\n\n<li>The move up since January 5 is in a tight bull channel. That means persistent buying.<\/li>\n\n\n\n<li>However, Crude Oil is in a 9-week trading range. Until the bulls can break far above the top of the trading range and the bear trend line, the current move up could simply be a bull leg within a trading range.<\/li>\n\n\n\n<li>The bears got a reversal lower from a double-top bear flag (Dec 1 and Dec 27) and a small double top (Dec 27 and Jan 3).<\/li>\n\n\n\n<li>Despite the strong leg down, they were not able to create a small second leg sideways to down.<\/li>\n\n\n\n<li>They hope that the current pullback (bounce) will stall around January 3 high and form a double-top bear flag (Jan 3 and Jan 18) or wedge bear flag (Dec 1, Jan 3 and Jan 18).<\/li>\n\n\n\n<li>They want a retest and breakout below the December low forming the wedge pattern with the first two legs being September 26 and December 9.<\/li>\n\n\n\n<li>While Wednesday was a reversal bar, the bears were not able to create follow-through selling.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the move up since January 5 low is in a tight bull channel. That means persistent buying.<\/li>\n\n\n\n<li>The bears will need at least a strong reversal bar or a micro double top before they would be willing to sell aggressively.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can break far above the December high and the bear trend line, or if Crude Oil trades slightly higher but stalls and reverses lower.<\/li>\n\n\n\n<li>Crude Oil formed a trading range in the last 9 weeks.&nbsp;<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction from this small trading range.<\/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 Crude oil futures market is in a 9-week trading range. This week was a breakout above the inside bull bar, but Crude Oil is sitting just under the 9-week trading range high, 20-week exponential moving average and bear trend line. The bulls will need to break far above these [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":168979,"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":[325,84],"class_list":{"0":"post-168882","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-trading-range","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-BO-above-inside-Bull-Bar-TR.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\/168882","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=168882"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/168882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/168979"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=168882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=168882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=168882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}