{"id":177044,"date":"2023-04-30T01:30:00","date_gmt":"2023-04-30T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=177044"},"modified":"2023-04-29T23:52:10","modified_gmt":"2023-04-30T06:52:10","slug":"crude-oil-6-month-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-6-month-trading-range\/","title":{"rendered":"Crude Oil 6-Month 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 continue to trade sideways forming a 6-month trading range. The bulls want a retest and breakout above April 12 high. If the market trades lower, the bulls want a reversal up from a higher low major trend reversal. The bears want a follow-through bear bar in May. If they get that, the odds of a retest of March low increase. <\/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\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR-680x383.png\" alt=\"Crude Oil Monthly 6-month Trading Range with : April close around middle.\" class=\"wp-image-177190\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Monthly-April-close-around-Middle-of-TR.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The April monthly Crude Oil candlestick was a bear bar closing in the lower half with prominent tails above and below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-failed-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last month, we said that because of the poor follow-through<\/a> selling over the last 5 months, we may begin to see Crude Oil attempt to do the opposite and push higher to retest the December high within 1-3 months.<\/li>\n\n\n\n<li>April tested the December high but reversed to close as a bear bar around the middle of the 5-month trading range.<\/li>\n\n\n\n<li>The bulls want a reversal up from a wedge bottom (Sept 26, Dec 9, and Mar 20).<\/li>\n\n\n\n<li>They hope that the Dec \u2013 Feb tight trading range is the final flag of the move down.<\/li>\n\n\n\n<li>However, they have not yet been able to create credible buying pressure (strong bull bars) still.<\/li>\n\n\n\n<li>If the market trades lower, the bulls want a reversal up from a higher low major trend reversal.<\/li>\n\n\n\n<li>The bulls will need to create strong bull bars with follow-through buying, trading far above the trading range high (Dec) to convince traders that a reversal up is underway.<\/li>\n\n\n\n<li>The bears hope that April formed another lower high.<\/li>\n\n\n\n<li>They want a reversal down from a double top bear flag (Dec and April).<\/li>\n\n\n\n<li>They will need to create a follow-through bear bar in May to increase the odds of a retest of the March low.<\/li>\n\n\n\n<li>The last 6 candlesticks are overlapping sideways therefore the market is in a tight trading range. Reversals and poor follow-through are common within a trading range.<\/li>\n\n\n\n<li>Since April is a bear bar closing in the lower half with a prominent tail below, it is a weaker sell signal bar for May.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) in trading ranges until there is a strong breakout from either direction with follow-through buying\/selling.<\/li>\n\n\n\n<li>If May is a strong follow-through bear bar, the odds of a retest of the March low and breakout attempt below will increase.<\/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\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up-680x383.png\" alt=\"Crude Oil Weekly: Close Gap, TR, 2nd Leg Up?\" class=\"wp-image-177193\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up.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.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor at least a small second leg sideways to up after the current pullback.&nbsp;<\/li>\n\n\n\n<li>This week traded lower closing the gap but reversed to close in the upper half of the week\u2019s range.<\/li>\n\n\n\n<li>The bulls got a failed breakout below the 16-week trading range. They hope that the tight trading range is the final flag of the move down.<\/li>\n\n\n\n<li>They got a reversal up from a lower low major trend reversal and a wedge bottom (Sept 26, Dec 9, and Mar 20).&nbsp;<\/li>\n\n\n\n<li>The prior move up from the March low is in a strong spike (consecutive bull bars closing near their highs) and the bulls hope that the market has switched into Always In Long.<\/li>\n\n\n\n<li>They want a second leg sideways to up to retest April 12 high after the current pullback followed by a breakout above the trading range high (Dec).&nbsp;<\/li>\n\n\n\n<li>The bears got a breakout below the triangle and 16-week trading range but did not get follow-through selling.<\/li>\n\n\n\n<li>They hope that the move up from the March low is simply a buy vacuum test of the trading range high.&nbsp;<\/li>\n\n\n\n<li>They want the market to stall around the trading range high and form a lower high (against the November high).&nbsp;<\/li>\n\n\n\n<li>If the market trades higher, the bears want the market to stall around April 12 high and reverse lower from a double top.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick closed in the upper half with a long tail below, it is a weak sell signal bar for next week. It is a buy signal bar albeit weaker due to the bear body.<\/li>\n\n\n\n<li>For now, odds slightly favor at least a small second leg sideways to up after the current pullback. This remains true.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a retest of the April 12 high followed by a breakout above or will the market stall around the trading range high and reverse lower again.<\/li>\n\n\n\n<li>If next week is a big bear bar closing near its low instead, the odds of a retest of the March low increase.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) in trading ranges until there is a strong breakout from either direction with follow-through buying\/selling.<\/li>\n\n\n\n<li>Poor follow-through and reversals are common within a 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 continue to trade sideways forming a 6-month trading range. The bulls want a retest and breakout above April 12 high. If the market trades lower, the bulls want a reversal up from a higher low major trend reversal. The bears want a follow-through bear bar in [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":177193,"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":[325,291],"class_list":{"0":"post-177044","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-tight-trading-range","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-Gap-TR-2nd-Leg-Up.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\/177044","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=177044"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/177044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/177193"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=177044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=177044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=177044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}