{"id":190931,"date":"2023-09-24T01:30:00","date_gmt":"2023-09-24T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=190931"},"modified":"2023-09-24T08:20:35","modified_gmt":"2023-09-24T15:20:35","slug":"crude-oil-climactic-rally","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-climactic-rally\/","title":{"rendered":"Crude Oil Climactic Rally"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The weekly chart formed a Crude Oil climactic rally. While odds slightly favor the market to still be in the sideways to up phase, the move up since June has lasted a long time and is slightly climactic. A minor pullback can begin at any moment. The bears want a reversal down from a large double top bear flag with November 2022 high and a parabolic wedge (Jul 13, Aug 10, and Sept 19).<\/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\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon-680x383.jpg\" alt=\"Crude Oil Weekly: Parabolic Wedge, Minor PB Soon? Crude Oil Climactic Rally\" class=\"wp-image-190946\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon.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 doji bar.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the market to still be in the sideways to up phase. However, the move up since June has 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 above last week\u2019s high but closed below it. It could be the start of the pullback phase.<\/li>\n\n\n\n<li>The bears want a reversal down from a large double top bear flag with November 2022 high and a parabolic wedge (Jul 13, Aug 10, and Sept 19).<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the move up since June is in a tight bull channel. That means strong bulls.<\/li>\n\n\n\n<li>Any pullback would likely be minor and favor at least a small retest of the current leg high.<\/li>\n\n\n\n<li>Next week, the bears need to create follow-through selling to increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>The bulls got follow-through buying following the breakout above the trading range high.<\/li>\n\n\n\n<li>They want a measured move based on the height of the 41-week trading range.<\/li>\n\n\n\n<li>If the market trades lower (pullback), they want a reversal up from a higher low, completing the larger wedge pattern with the first two legs being August 10 and September 19.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a doji bar, it is a neutral bar for next week.<\/li>\n\n\n\n<li>While odds slightly favor the market to still be in the sideways to up phase, the move up since June has lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n<li>Traders will see if the bears can create follow-through selling next week or will the market trade slightly lower but close with a long tail below or a bull body.<\/li>\n\n\n\n<li>If there is a pullback, odds favor at least a small second leg sideways to up to retest the current leg high (now Sept 19).<\/li>\n\n\n\n<li>The bear trend lines becoming progressively less steep also indicates a loss of momentum for the bears.<\/li>\n\n\n\n<li>The market likely has flipped into Always In Long.<\/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\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA-680x383.jpg\" alt=\"Crude Oil Daily: Climactic, Minor PB, Test of 20-day EMA?\" class=\"wp-image-190949\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Daily-Climactic-Minor-PB-Test-of-20-day-EMA.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 for the week. Friday formed a small second leg sideways to up but reversed to close in the lower half of its range.<\/li>\n\n\n\n<li>Last week, we said that while the market continues to slightly favor sideways to up, the recent move up is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n<li>The bulls got a breakout above the 41-week trading range high with follow-through buying.<\/li>\n\n\n\n<li>The second leg up (from August low) is strong in the form of a spike and channel.<\/li>\n\n\n\n<li>They want a strong breakout followed by a measured move to around $103 based on the height of the 41-week trading range.<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-day exponential moving average to act as support followed by a retest of the current leg high (now Sept 19).<\/li>\n\n\n\n<li>They want another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 19.<\/li>\n\n\n\n<li>The bears want a failed breakout above the 41-week trading range and a reversal down from a smaller wedge (Sept 5, Sept 12, and Sept 19).<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the move up is very strong with strong bull bars while bear bars had limited follow-through selling.<\/li>\n\n\n\n<li>They need to create strong bear bars with follow-through selling to increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>Because of the strong move up, odds slightly favor any pullback to be minor.<\/li>\n\n\n\n<li>While the market continues to slightly favor sideways to up, the recent move up is slightly climactic and has lasted a long time.<\/li>\n\n\n\n<li>A minor pullback can begin at any moment. It may have begun this week.<\/li>\n\n\n\n<li>If a pullback begins, a reasonable target for the bears would be the 20-day exponential moving average.<\/li>\n\n\n\n<li>Odds slightly at least a small second leg sideways to up to retest the current leg extreme (now Sept 19) after a pullback.<\/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 class=\"wp-block-paragraph\">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 climactic rally. While odds slightly favor the market to still be in the sideways to up phase, the move up since June has lasted a long time and is slightly climactic. A minor pullback can begin at any moment. The bears want a [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":190946,"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":"","_genesis_layout":"","footnotes":""},"categories":[136],"tags":[325],"class_list":["post-190931","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","tag-crude-oil-futures","entry","override"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Crude-Oil-Weekly-Parabolic-Wedge-Minor-PB-Soon.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\/190931","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=190931"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/190931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/190946"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=190931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=190931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=190931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}