{"id":184753,"date":"2023-07-30T01:30:00","date_gmt":"2023-07-30T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=184753"},"modified":"2023-07-29T23:34:05","modified_gmt":"2023-07-30T06:34:05","slug":"crude-oil-strong-bull-leg","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-strong-bull-leg\/","title":{"rendered":"Crude Oil Strong Bull Leg"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The weekly chart formed a Crude Oil strong bull leg in the form of a 5-bar bull microchannel. The bulls want a retest and breakout above the trading range high (April high). The bears want the market to stall around the trading range high area and reverse lower.<\/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\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High-680x383.jpg\" alt=\"Crude Oil Weekly: 5-Bar Bull MC, Retest TR High Crude Oil Strong Bull Leg\" class=\"wp-image-184924\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High.jpg 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 bull bar closing near its high.<\/li>\n\n\n\n<li>Last week, we said that traders will see if the bulls can continue to create follow-through buying or will next week trade slightly higher but close with a long tail above or a bear body.<\/li>\n\n\n\n<li>The bulls got a reversal from a higher low major trend reversal (June 12) and a micro wedge (May 31, Jun 12, and June 28).<\/li>\n\n\n\n<li>They also got follow-through buying trading above the 20-week exponential moving average and the bear trend line which increase the odds of a retest of the trading range high (April high).<\/li>\n\n\n\n<li>They want a retest followed by a breakout above the trading range.<\/li>\n\n\n\n<li>The move up is in a 5-bar bull microchannel which means persistent buying. That increases the odds that the first pullback will be minor.<\/li>\n\n\n\n<li>The bears want a reversal down from around the trading range high area.<\/li>\n\n\n\n<li>This week\u2019s bull bar closing near its high is not a strong sell signal bar. It is a buy signal bar.<\/li>\n\n\n\n<li>The bears will need a strong sell signal bar before they would be willing to sell more aggressively.<\/li>\n\n\n\n<li>They hope that the current move up is simply a buy vacuum within a trading range.<\/li>\n\n\n\n<li>While the current move up is strong, it could still only be a bull leg within a trading range.<\/li>\n\n\n\n<li>The market is in a 36-week trading range. 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>For now, odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can continue to create follow-through buying or will next week trade slightly higher but stall around the 36-week trading range high area.<\/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\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg-680x383.jpg\" alt=\"Crude Oil Daily: Retest of TR High, Strong Bull Leg\" class=\"wp-image-184927\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Retest-of-TR-High-Strong-Bull-Leg.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil traded sideways to up for the week. Wednesday formed an inside bear bar but there was no follow-through selling.<\/li>\n\n\n\n<li>Last week, we said that traders will see if the bulls can continue to create follow-through buying or will the market stall and trade back into the previous tight trading range.<\/li>\n\n\n\n<li>The move up since June 28 is in a tight bull channel with not much-sustained follow-through selling.<\/li>\n\n\n\n<li>The bears hope that the tight channel up is simply a buy vacuum within the trading range.<\/li>\n\n\n\n<li>They want the market to reverse lower from around the 36-week trading range high.<\/li>\n\n\n\n<li>They will need to create consecutive bear bars closing near their lows to increase the odds of a reversal down.<\/li>\n\n\n\n<li>The bulls got a reversal up from a wedge bull flag (May 31, Jun 12, and June 28) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They then got a second leg sideways to up trading near the 36-week trading range high.<\/li>\n\n\n\n<li>The move-up is in a tight bull channel. That means persistent buying.<\/li>\n\n\n\n<li>Odds slightly favor at least a small retest of the current leg extreme (now July 28) after a pullback.<\/li>\n\n\n\n<li>The next target for the bulls is the April high.<\/li>\n\n\n\n<li>Because of the strong leg up with bear bars not getting much follow-through selling, odds slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n<li>Crude Oil has been trading within a 36-week 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>For now, traders will see if the bulls can continue to create follow-through buying or will the market trade slightly higher but stall around the trading range high area.<\/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 weekly chart formed a Crude Oil strong bull leg in the form of a 5-bar bull microchannel. The bulls want a retest and breakout above the trading range high (April high). The bears want the market to stall around the trading range high area and reverse lower. Crude oil [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":184924,"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],"class_list":{"0":"post-184753","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":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-5-Bar-Bull-MC-Retest-TR-High.jpg","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\/184753","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=184753"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/184753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/184924"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=184753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=184753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=184753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}