{"id":171254,"date":"2023-02-26T01:30:00","date_gmt":"2023-02-26T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=171254"},"modified":"2023-02-26T00:58:03","modified_gmt":"2023-02-26T08:58:03","slug":"crude-oil-weak-follow-through-selling","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-weak-follow-through-selling\/","title":{"rendered":"Crude Oil Weak Follow-through Selling"},"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 bears got a weak follow-through selling on the weekly chart. They hope that this week was simply a pullback and want another leg down breaking below Jan\/Feb lows. The bulls want a reversal up from a wedge bull flag and a higher low major trend reversal.<\/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\/02\/Crude-Oil-Weekly-Weak-Follow-through-Selling.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-Follow-through-Selling-680x383.png\" alt=\"Crude Oil Weekly: Weak Follow-through Selling\" class=\"wp-image-171460\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-Follow-through-Selling-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-Follow-through-Selling-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-Follow-through-Selling-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-Follow-through-Selling-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-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 a bear doji with a long tail below and a prominent one above.<\/li>\n\n\n\n<li>Last week, we said that traders will see if the bears can create a follow-through bear bar. If they do, we may get another retest of the trading range low.<\/li>\n\n\n\n<li>While this week traded below last week\u2019s low, it reversed to close above it. The bears did not get strong follow-through selling.<\/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 hope that the last 2 weeks were simply a deep pullback and want a reversal up from a wedge bull flag (Jan 5, Feb 6 and Feb 22) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They want a retest and breakout above the 14-week trading range high, exponential moving average and bear trend line.<\/li>\n\n\n\n<li>The bulls need to break far above these resistances with follow-through buying to increase the odds of higher prices.<\/li>\n\n\n\n<li>The bears got a reversal down from a double top bear flag (Dec 1 and Jan 18) but failed to get follow-through selling.<\/li>\n\n\n\n<li>They then got another leg down from a wedge pattern (Jan 3, Jan 18 and Feb 13) but did not get strong follow-through selling once again.<\/li>\n\n\n\n<li>If Crude Oil trades higher, they want the market to stall around the trading range high and the 20-week exponential moving average.<\/li>\n\n\n\n<li>The last 14 candlesticks are overlapping sideways. That means <a href=\"https:\/\/www.brookstradingcourse.com\/how-to-trade-manual\/trading-ranges\/\" target=\"_blank\" rel=\"noreferrer noopener\">Crude Oil is in a trading range<\/a>.\u00a0<\/li>\n\n\n\n<li>Poor follow-through and reversals are more likely within a trading range.&nbsp;<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.&nbsp;<\/li>\n\n\n\n<li>So far, the bears have tried to push lower 3 times within the trading range but the follow-through selling has been weak.<\/li>\n\n\n\n<li>If the bears do not start creating strong consecutive bear bars soon, odds will swing to a bull leg testing the 14-week trading range high within a few weeks.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create another leg down by breaking below January\/February lows, or if Crude Oil continues to stall around 72-73 which will likely lead to a stronger upside push.<\/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\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode-680x383.png\" alt=\"Crude Oil Daily: Wedge Bull Flag, Triangle, BO Mode\" class=\"wp-image-171463\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-Wedge-Bull-Flag-Triangle-BO-Mode.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil broke below the inside bar on Wednesday but there was no follow-through selling.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-13-week-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week, we said that Crude Oil<\/a> is in a trading range and poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag (Jan 3 and Jan 18) but were not able to get follow-through selling below the January low.<\/li>\n\n\n\n<li>They then got another leg lower from a wedge bear flag (Jan 3, Jan 18, and Feb 13) but did not get follow-through selling this week.<\/li>\n\n\n\n<li>They want a retest and breakout below the December low forming the larger wedge pattern with the first two legs being September 26 and December 9.<\/li>\n\n\n\n<li>They need to create strong consecutive bear bars to increase the odds of lower prices.<\/li>\n\n\n\n<li>If Crude Oil trades higher, they want it to stall around the trading range high and reverse lower again.<\/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), a wedge bull flag (Jan 5, Feb 6, and Feb 22) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They want another leg up breaking above the 14-week trading range high.<\/li>\n\n\n\n<li>For now, Crude Oil is in a 14-week trading range. Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n<li>Markets have inertia and tend to continue to do what they have been doing.<\/li>\n\n\n\n<li>Crude Oil formed a triangle pattern and is in breakout mode.<\/li>\n\n\n\n<li>After 3 attempts to push lower with weak follow-through selling, we may see another attempt to test the trading range high soon.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create follow-through selling below January\/February lows or if Crude oil will stall around 72-73 and attempt an upside breakout within a few weeks.<\/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 bears got a weak follow-through selling on the weekly chart. They hope that this week was simply a pullback and want another leg down breaking below Jan\/Feb lows. The bulls want a reversal up from a wedge bull flag and a higher low major trend reversal. [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":171460,"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":[325,84,1455],"class_list":{"0":"post-171254","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":"tag-weak-follow-through","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Weak-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\/171254","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=171254"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/171254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/171460"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=171254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=171254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=171254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}