{"id":192168,"date":"2023-10-15T01:30:00","date_gmt":"2023-10-15T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=192168"},"modified":"2023-10-15T02:46:16","modified_gmt":"2023-10-15T09:46:16","slug":"no-crude-oil-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/no-crude-oil-follow-through\/","title":{"rendered":"No Crude Oil Follow-through selling"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The weekly candlestick was an inside bull bar closing near its high; there was no Crude Oil follow-through selling. The bulls need to create follow-through buying next week to increase the odds of another leg up. The bears want a breakout below the inside bull bar.<\/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\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar-680x383.jpg\" alt=\"Crude Oil Weekly: No FT Bear Bar, Bull inside Bar, No Crude Oil Follow-through\" class=\"wp-image-192317\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar.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 an inside bull bar closing near its high.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the market to still be in the sideways to down pullback phase. Traders will see if the bears can create follow-through selling.<\/li>\n\n\n\n<li>The bears were not able to get a follow-through bear bar.<\/li>\n\n\n\n<li>They 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 28).<\/li>\n\n\n\n<li>They hope that the strong move up is simply a buy vacuum and a bull leg within a larger trading range.&nbsp;<\/li>\n\n\n\n<li>They want a strong bear leg to retest the trading range low (May low).<\/li>\n\n\n\n<li>While the bears got a big bear bar last week, they were not able to create follow-through selling this week.<\/li>\n\n\n\n<li>They will need to create consecutive bear bars closing near their lows trading far below the 20-week EMA to increase the odds of lower prices.<\/li>\n\n\n\n<li>Previously, the bulls have had a tight bull channel since June. That means strong bulls.<\/li>\n\n\n\n<li>They see the pullback last week simply as a test of the breakout point (trading range high; April high).<\/li>\n\n\n\n<li>They want the 20-week EMA to act as a support and a reversal up from a higher low, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n<li>At the very least, they expect at least a small sideways to up leg to retest the leg extreme high (Sept 28).<\/li>\n\n\n\n<li>They hope to get a measured move based on the height of the 41-week trading range, which will take them to around $103.<\/li>\n\n\n\n<li>Since this week was an inside bar, the market is in breakout mode. The bulls want a breakout above, while the bears want a breakout below the inside bar.<\/li>\n\n\n\n<li>Because it is a bull bar closing near its high, odds favor the market to break out above it first.<\/li>\n\n\n\n<li>Traders will see if the bulls can get a strong follow-through bull bar or will the market trade slightly higher but close with a long tail or with a bear body.<\/li>\n\n\n\n<li>If the bulls get a strong follow-through bull bar, the odds of a retest of the September 28 high and a breakout above increase.<\/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\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming-680x383.jpg\" alt=\"Crude Oil Daily: 3rd Leg up Forming?\" class=\"wp-image-192320\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-3rd-Leg-up-Forming.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil gapped higher earlier in the week (in response to the conflict in the Middle East). It then formed a small second leg sideways to down followed by a strong bull bar on Friday.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor the market to still be in the sideways to down pullback phase, and for a second leg lower after a pullback.<\/li>\n\n\n\n<li>The bulls got a strong rally from June in the form of a tight bull channel which lasted a long time.<\/li>\n\n\n\n<li>They hope that the strong pullback last week was simply a sell vacuum test of the breakout point (April high) and has alleviated the overbought conditions.<\/li>\n\n\n\n<li>They want the pullback to stall around the April high and form a higher low followed by another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n<li>They will need to create follow-through buying next week to increase the odds of retesting the September 28 high.<\/li>\n\n\n\n<li>The bears got a reversal down from a large wedge pattern (Jul 13, Aug 10, and Sept 28), a smaller wedge (Sept 5, Sept 19, and Sept 28) and a final flag.<\/li>\n\n\n\n<li>The move down is strong in the form of a bear spike (strong bear bars with little overlap).<\/li>\n\n\n\n<li>That increases the odds of at least a small second leg sideways to down after a small pullback. They got that this week.<\/li>\n\n\n\n<li>If the market trades higher, they want the market to stall below the September 28 high and reverse lower from a lower high major trend reversal or a double top.<\/li>\n\n\n\n<li>Since Friday was a big bull bar closing near its high, it is a buy signal bar for Monday.&nbsp;<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n<li>If the bulls get a couple of strong consecutive bull bars, the odds of a retest of September 28 high will increase.<\/li>\n\n\n\n<li>The pullback has also fulfilled the minimum requirement of TBTL (Ten Bars, Two Legs).<\/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 candlestick was an inside bull bar closing near its high; there was no Crude Oil follow-through selling. The bulls need to create follow-through buying next week to increase the odds of another leg up. The bears want a breakout below the inside bull bar. Crude oil futures The [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":192317,"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-192168","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\/10\/Crude-Oil-Weekly-No-FT-Bear-Bar-Bull-inside-Bar.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\/192168","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=192168"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/192168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/192317"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=192168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=192168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=192168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}