{"id":187219,"date":"2023-08-20T01:30:00","date_gmt":"2023-08-20T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=187219"},"modified":"2023-08-19T12:58:14","modified_gmt":"2023-08-19T19:58:14","slug":"crude-oil-1st-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-1st-pullback\/","title":{"rendered":"Crude Oil First Pullback below 7-bar Bull MC"},"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 first pullback below the 7-bar bull microchannel. The bears need to create follow-through selling to increase the odds of the bear leg beginning. The bulls want a retest of the August 10 high followed by a breakout and a measured move up.<\/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\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC-680x383.jpg\" alt=\"Crude Oil Weekly: Crude Oil First Pullback below 7-bar Bull MC below 7-Bar Bull MC\" class=\"wp-image-187443\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC.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 bear bar with a long tail below closing around the middle of its range.<\/li>\n\n\n\n<li>Last week, we said that the move up had lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n<li>This week traded below last week\u2019s low but reversed to close above it.<\/li>\n\n\n\n<li>The bulls got a retest of the trading range high (April high).<\/li>\n\n\n\n<li>They want a strong breakout above the trading range high and a measured move based on the height of the 39-week trading range.<\/li>\n\n\n\n<li>The prior move up was in a 7-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 and the beginning of the bear leg to test the trading range low.<\/li>\n\n\n\n<li>They hope that the recent strong move up is simply a buy vacuum test of the trading range high.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not been able to create credible selling pressure (bear bars with follow-through) since June.<\/li>\n\n\n\n<li>The bears will need to create follow-through selling next week to increase the odds of the bear leg beginning.<\/li>\n\n\n\n<li>This week\u2019s bear bar with a long tail below is a weaker sell signal bar.&nbsp;<\/li>\n\n\n\n<li>It is also following a 7-bar bar bull microchannel. It is not a strong sell setup. There may be buyers below the first pullback from such a strong bull microchannel.<\/li>\n\n\n\n<li>The bears will need a strong reversal bar or at least a micro double top before they would be willing to sell more aggressively.<\/li>\n\n\n\n<li>While the prior move up is strong, it could still only be a bull leg within a trading range.<\/li>\n\n\n\n<li>If the market continues to stall around the trading range high, we may begin to see more profit-taking from the bulls.<\/li>\n\n\n\n<li>The market is in a 39-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<\/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\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High-680x383.jpg\" alt=\"Crude Oil Daily: Minor Pullback, Retest High?\" class=\"wp-image-187446\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Crude-Oil-Daily-Minor-Pullback-Retest-High.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The market traded sideways to down for the week. Thursday traded slightly lower but reversed into a bull bar. Friday was a follow-through bull bar closing above the 20-day exponential moving average.<\/li>\n\n\n\n<li>Last week, we said that move up has lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n<li>The move up since June 28 is in a tight bull channel.<\/li>\n\n\n\n<li>The bears hope that the tight channel up is simply a buy vacuum testing the trading range high.<\/li>\n\n\n\n<li>They want the market to reverse lower from around the 39-week trading range high and from a small wedge pattern (Aug 2, Aug 7, and Aug 10).<\/li>\n\n\n\n<li>They hope that Thursday and Friday were simply a pullback and want another leg down trading below the 20-day exponential moving average.<\/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 retest of the 39-week trading range high.<\/li>\n\n\n\n<li>The move-up is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n<li>They want a strong breakout above the 39-week trading range and a measured move up based on the height of the trading range.<\/li>\n\n\n\n<li>Because of the strong leg up, the current pullback would likely be minor.<\/li>\n\n\n\n<li>Odds slightly favor at least a small retest of the prior leg extreme (Aug 10).<\/li>\n\n\n\n<li>Crude Oil has been trading within a 39-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 create the retest of the August 10 high or will the bears get another leg down instead.<\/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 first pullback below the 7-bar bull microchannel. The bears need to create follow-through selling to increase the odds of the bear leg beginning. The bulls want a retest of the August 10 high followed by a breakout and a measured move up. Crude [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":187443,"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-187219","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\/08\/Crude-Oil-Weekly-1st-PB-below-7-Bar-Bull-MC.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\/187219","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=187219"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/187219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/187443"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=187219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=187219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=187219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}