{"id":173759,"date":"2023-03-19T01:30:00","date_gmt":"2023-03-19T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=173759"},"modified":"2023-03-18T22:49:26","modified_gmt":"2023-03-19T05:49:26","slug":"crude-oil-strong-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-strong-breakout\/","title":{"rendered":"Crude Oil Strong Breakout"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p><strong>Crude oil<\/strong> strong breakout below the 16-week trading range. They want a measured move down to around 57 using the height of the 16-week trading range. The bulls want a failed breakout and a reversal back into the middle of the trading range from a lower low major trend reversal and a wedge pattern (Sept 8, Dec 9 and Mar 17).<\/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\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range-680x383.png\" alt=\"Crude Oil strong breakout from 16-week Trading Range on Weekly Chart\" class=\"wp-image-173960\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range.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 big bear bar closing near its low.&nbsp;<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor Crude Oil to trade at least a little lower and traders will see if the bears can create a strong follow-through bear bar or will the market trade slightly lower but stall and close with a bull body or a long tail below.<\/li>\n\n\n\n<li>The bears got a consecutive bear bar breaking below the 16-week trading range.<\/li>\n\n\n\n<li>They triggered the L4 (Low 4) sell signal and got follow-through selling this week.<\/li>\n\n\n\n<li>They will need to continue creating strong follow-through selling to increase the odds of a measured move down to around 57 using the height of the 16-week trading range.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 16-week trading range.<\/li>\n\n\n\n<li>They hope that the tight trading range is the final flag of the move down.<\/li>\n\n\n\n<li>They have broken the bear trend line by trading sideways.<\/li>\n\n\n\n<li>They want a reversal back into the middle of the trading range from a lower low major trend reversal and a wedge pattern (Sept 8, Dec 9 and Mar 17). <\/li>\n\n\n\n<li>Because of the strong selloff, the bulls will need at least a strong reversal bar or a micro double bottom before they would be willing to buy more aggressively.<\/li>\n\n\n\n<li>Since this week is a big bear bar closing near the low, it is a weak buy signal bar for next week. It is a good sell signal bar.<\/li>\n\n\n\n<li>Odds slightly favor the Crude Oil to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears continue to get follow-through selling or will next week trades slightly lower but stalls and close with a bull body or a long tail below.<\/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\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag-680x383.png\" alt=\"Crude Oil Daily: BO with Follow-through, Final Flag?\" class=\"wp-image-173963\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-BO-with-Follow-through-Final-Flag.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 triangle and 16-week trading range with follow-through selling.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-low-4-sell-signal\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week, we said that Crude Oil<\/a> formed a triangle pattern and is in breakout mode and traders should be prepared for breakouts to fail unless there is strong follow-through price action following the breakout.<\/li>\n\n\n\n<li>Recently, the bears got a reversal lower from a double top bear flag (Feb 13 and Mar 7).<\/li>\n\n\n\n<li>They then triggered the larger L4 (Low 4) sell signal and got follow-through selling breaking far below the triangle with follow-through selling.<\/li>\n\n\n\n<li>They want a measured move down using the height of the 16-week trading range which will take them to around 57.<\/li>\n\n\n\n<li>If Crude Oil pullback higher, they want at least a small second leg sideways to down, testing March 17 low.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 16-week trading range.<\/li>\n\n\n\n<li>They have broken the bear trend line by trading sideways.<\/li>\n\n\n\n<li>They hope that the trading range will be the final flag of the move down and want a reversal higher from a wedge pattern (Sept 8, Dec 9 and Mar 17).<\/li>\n\n\n\n<li>They also hope that Thursday inside doji is a one-bar final flag of a climactic selloff with March 15 and March 16 forming a micro double bottom.<\/li>\n\n\n\n<li>The last 3 candlesticks have a lot of overlapping price action and prominent tails below.<\/li>\n\n\n\n<li>Crude Oil could be forming a trending trading range.<\/li>\n\n\n\n<li>Since Friday was an outside bear bar with a long tail below, it is a weaker sell signal bar.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to get at least a small second leg sideways to down following any pullback (bounce).<\/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 Crude oil strong breakout below the 16-week trading range. They want a measured move down to around 57 using the height of the 16-week trading range. The bulls want a failed breakout and a reversal back into the middle of the trading range from a lower low major trend reversal [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":173960,"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":[1861,325,311],"class_list":{"0":"post-173759","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crude-oil","8":"category-analysis","9":"tag-bear-breakout","10":"tag-crude-oil-futures","11":"tag-trading-breakouts","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-BO-from-16-week-Trading-Range.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\/173759","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=173759"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/173759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/173960"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=173759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=173759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=173759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}