{"id":180945,"date":"2023-06-18T01:30:00","date_gmt":"2023-06-18T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=180945"},"modified":"2023-06-17T23:06:15","modified_gmt":"2023-06-18T06:06:15","slug":"crude-oil-hl-mtr","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-hl-mtr\/","title":{"rendered":"Crude Oil HL MTR (Higher Low Major Trend Reversal)"},"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 formed a HL MTR (Higher Low Major Trend Reversal) pattern on the weekly chart. The market traded lower but the bears failed to get follow-through selling. Poor follow-through and reversals are common within a trading range. The bulls need to create a follow-through bull bar next week to increase the odds of higher prices.<\/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\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT-680x383.png\" alt=\"Crude Oil Weekly: HL MRT, DB Bull Flag, No Bear FT\" class=\"wp-image-181330\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-HL-MTR-DB-Bull-Flag-No-Bear-FT.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 reversal bar with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-tight-trading-range\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-tight-trading-range\/\" rel=\"noreferrer noopener\">Last week, we said that<\/a> the bears will need to create follow-through selling to increase the odds of a retest of the May low. Poor follow-through and reversals are more common within a trading range.<\/li>\n\n\n\n<li>This week traded lower but reversed to close near the week\u2019s high. The bears did not get follow-through selling.<\/li>\n\n\n\n<li>They still want to get a retest of the May 4 low and a breakout below.<\/li>\n\n\n\n<li>However, the lack of follow-through selling indicates that the bears are not as strong as they hope to be.<\/li>\n\n\n\n<li>The bulls want a reversal from a higher low major trend reversal (June 12) and a small double bottom bull flag (May 31 and Jun 12).<\/li>\n\n\n\n<li>They want a retest of the April high. The bulls will need to create a follow-through bull bar next week to increase the odds of higher prices.<\/li>\n\n\n\n<li>At the very least, they want a retest of the 20-week exponential moving average and the bear trend line.<\/li>\n\n\n\n<li>Since this week was a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor the Crude Oil to trade at least a little higher.<\/li>\n\n\n\n<li>The market is in a 30-week trading range. The last 6 weeks formed a tight trading range.&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are common within a trading range.<\/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 the bears continue to fail to create sustained follow-through selling, the odds will swing in favor of the bull leg to begin within a few weeks.<\/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\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR-680x383.png\" alt=\"Crude Oil Daily: Triangle, Wedge Bull Flag, TTR\" class=\"wp-image-181313\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Triangle-Wedge-Bull-Flag-TTR.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 bear bar on Monday but there was no follow-through selling. The market then traded sideways to up for the rest of the week.<\/li>\n\n\n\n<li>Last week, we said that Crude Oil remain in a larger 29-week trading range and traders will BLSH (Buy Low, Sell High) in trading ranges. Poor follow-through and reversals are common in trading ranges.&nbsp;<\/li>\n\n\n\n<li>The bulls want a reversal up from around the bottom of the 30-week trading range; from a wedge bull flag (May 15, May 31 and Jun 12) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They want a strong reversal breaking far above the 6-week tight trading range and trading far above the 20-day exponential moving average.<\/li>\n\n\n\n<li>For that, they will need to create consecutive bull bars closing near their highs to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>If the market trades lower, the bulls hope that the current tight trading range (the last 6 weeks) is the final flag of the move down and want a reversal up from around the trading range low.<\/li>\n\n\n\n<li>The bears got a two-legged move down (May 31 and Jun 12) but fell short of the trading range low.<\/li>\n\n\n\n<li>They hope that this week was simply a pullback (bounce) and want another leg down testing the trading range low.<\/li>\n\n\n\n<li>Crude Oil has been trading within a tight trading range in the last 6 weeks, forming an expanding triangle.<\/li>\n\n\n\n<li>Poor follow-through and reversals are common in trading ranges.&nbsp;<\/li>\n\n\n\n<li>Crude Oil is also in a larger 30-week trading range. Most breakouts from trading ranges fail.<\/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 the bears fail to create sustained follow-through selling breaking far below the trading range low within the next few weeks, the odds of the bull leg beginning will increase.<\/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 formed a HL MTR (Higher Low Major Trend Reversal) pattern on the weekly chart. The market traded lower but the bears failed to get follow-through selling. Poor follow-through and reversals are common within a trading range. The bulls need to create a follow-through bull bar next [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":0,"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":[325,1395],"class_list":{"0":"post-180945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-crude-oil","7":"category-analysis","8":"tag-crude-oil-futures","9":"tag-higher-low-major-trend-reversal","10":"entry","11":"has-post-thumbnail","12":"override","13":"shadow"},"featured_image_src":null,"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\/180945","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=180945"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/180945\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=180945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=180945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=180945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}