{"id":172847,"date":"2023-03-05T01:30:00","date_gmt":"2023-03-05T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=172847"},"modified":"2023-03-04T22:03:45","modified_gmt":"2023-03-05T06:03:45","slug":"crude-oil-wedge-bull-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-wedge-bull-flag\/","title":{"rendered":"Crude Oil Wedge Bull Flag but Trading Range"},"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 weekly chart formed a Crude Oil wedge bull flag in a trading range. The weekly candlestick was a bull bar closing near the high. The bulls want a retest followed by a breakout above the 15-week trading range high. The bears got a reversal down from a wedge pattern but the follow-through selling was weak. If Crude Oil trades higher, the bears want a reversal down from around the trading range high, or from a double top bear flag with a November high.<\/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>Monthly<\/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\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below-680x383.png\" alt=\"Crude Oil February Weak Bear Bar with Long Tail below on Monthly Chart\" class=\"wp-image-172992\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Monthly-Feb-Weak-Bear-Bar-with-Long-Tail-Below.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The February monthly Crude Oil candlestick was a bear doji closing in the upper half of the range with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-bear-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last month, we said the odds slightly favor<\/a> Crude Oil to trade at least a little lower and traders will see if the bears can create a strong breakout below January and December low. Or if the Crude Oil trades slightly lower, but reverses back into the 5-month trading range.<\/li>\n\n\n\n<li>February traded slightly below January low but reversed back into the 5-month trading range.<\/li>\n\n\n\n<li>The bears got a strong reversal down in June 2022 followed by a sideways trading range around the 20-month moving average.<\/li>\n\n\n\n<li>The first leg down from June was strong with consecutive bear bars.&nbsp;<\/li>\n\n\n\n<li>However, the second leg down was mostly sideways with overlapping bars and dojis. The last 4 candlesticks also had prominent tails below. This represents a loss of momentum.<\/li>\n\n\n\n<li>The bears will need to create a strong breakout below the 6-month trading range with consecutive bear bars closing near their lows to increase the odds of lower prices.<\/li>\n\n\n\n<li>If Crude Oil trades higher, they want a reversal lower from double top bear flag with November high and a lower high major trend reversal.<\/li>\n\n\n\n<li>They want a breakout below the 6-month trading range, completing the wedge pattern with the first 2 legs being September 26 and December 9.<\/li>\n\n\n\n<li>The bulls want a reversal higher from a lower low major trend reversal (Dec). They see February low as a higher low major trend reversal.<\/li>\n\n\n\n<li>They see the move down since June simply as a deep pullback following the buy climax and want a retest of the June high.<\/li>\n\n\n\n<li>However, they have not yet been able to create credible buying pressure.&nbsp;&nbsp;<\/li>\n\n\n\n<li>The bulls will need to create a strong breakout above the 6-month trading range with follow-through buying to increase the odds of a retest of the June high.<\/li>\n\n\n\n<li>For now, because of the poor follow-through selling over the last 4 months, we may begin to see Crude Oil do the opposite and attempt to push higher.<\/li>\n\n\n\n<li>Crude oil has also formed a small triangle which means the market is in breakout mode.<\/li>\n\n\n\n<li>The first breakout from a triangle can fail 50% of the time.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong breakout above the triangle with follow-through buying, or if it will simply be a bull leg within the 6-month trading range.<\/li>\n<\/ul>\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\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-TR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-TR-680x383.png\" alt=\"Crude Oil Wedge Bull Flag, HL MTR, but TR on Weekly Chart\" class=\"wp-image-172995\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-TR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-TR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-TR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-TR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-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\u00a0<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a>\u00a0was a Crude Oil wedge bull flag with bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-weak-follow-through-selling\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week, we said if the bears do not start creating<\/a> 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>This week traded higher towards the trading range high.<\/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 up from the Crude Oil 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 15-week trading range high, 20-week 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 another leg down from a wedge pattern (Jan 3, Jan 18 and Feb 13) but did not get strong follow-through selling.<\/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>If the market breaks above the 15-week trading range high, they want a reversal down from a double top bear flag with November high and a lower high major trend reversal.<\/li>\n\n\n\n<li>The last 15 candlesticks are overlapping sideways. That means&nbsp;<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>.&nbsp;<\/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>Since this week was a bull bar closing near its high, it is a good buy signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor Crude Oil to trade at least a little higher towards the 15-week trading range high.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong follow-through bull bar and a breakout above the trading range, or if next week trades slightly higher but stalls around the trading range high and the 20-week exponential moving average again.<\/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 weekly chart formed a Crude Oil wedge bull flag in a trading range. The weekly candlestick was a bull bar closing near the high. The bulls want a retest followed by a breakout above the 15-week trading range high. The bears got a reversal down from a wedge [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":172995,"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":[325,84,1391],"class_list":{"0":"post-172847","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-wedge-bull-flag","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-Wedge-Bull-Flag-HL-MTR-but-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\/172847","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=172847"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/172847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/172995"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=172847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=172847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=172847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}