{"id":199176,"date":"2024-01-28T01:30:00","date_gmt":"2024-01-28T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=199176"},"modified":"2024-01-28T09:10:58","modified_gmt":"2024-01-28T17:10:58","slug":"crude-oil-strong-bull-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-strong-bull-bar\/","title":{"rendered":"Crude Oil Strong Bull Bar"},"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 bar closing above the 20-week EMA. The bulls need to get a follow-through bull bar to increase the odds of the bull leg beginning. The bears see the current move simply as a two-legged pullback and want the 20-week EMA and the bear trend line to act as resistance, forming a double top bear flag with the December 26 high being the first leg.<\/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\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA-680x383.jpg\" alt=\"Crude Oil Weekly: Close above 20-Week EMA, Crude Oil Strong Bull Bar\" class=\"wp-image-199352\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Close-above-20-Week-EMA.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\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 big bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-sideways-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last we<\/a><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-sideways-trading-range\/\">ek<\/a>, we said that Crude Oil may still be in the sideways to up minor pullback phase. Traders will see if the bulls can create sustained follow-through buying or will the market stall around the 20-week EMA area.<\/li>\n\n\n\n<li>The bulls managed to create good follow-through buying closing above the 20-week EMA.<\/li>\n\n\n\n<li>They see the selloff to the December 13 low simply as a bear leg within a trading range.<\/li>\n\n\n\n<li>They want a reversal from a higher low major trend reversal (Dec 13), a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a small double bottom (Dec 13 and Jan 3).<\/li>\n\n\n\n<li>Since this week closed above the 20-week EMA, the bulls will need to create follow-through buying to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>The bears got a strong move down trading far below the 20-week EMA in a tight bear channel and consisting of 3 pushes therefore a wedge (Oct 6, Nov 16, and Dec 13).<\/li>\n\n\n\n<li>They see the current move simply as a two-legged pullback and want the 20-week EMA and the bear trend line to act as resistance, forming a double top bear flag with the December 26 high being the first leg.<\/li>\n\n\n\n<li>They want another leg down to retest the prior leg low (Dec 13) and the trading range low (May low).<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, Crude Oil may still be in the sideways to up minor pullback phase.&nbsp;<\/li>\n\n\n\n<li>Traders will see if the bulls can create follow-through buying or will the market stall around the 20-week EMA area.<\/li>\n\n\n\n<li>Crude Oil is currently in a 77-week trading range. Traders will BLSH (Buy Low, Sell High) until there is a breakout with sustained follow-through buying\/selling from either direction.<\/li>\n\n\n\n<li>The market is trading in the lower third of the trading range which is the buy zone of trading range traders.&nbsp;<\/li>\n\n\n\n<li>The bulls need to do more to show that they are now back in control by creating a few consecutive bull bars.<\/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\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL-680x383.jpg\" alt=\"Crude Oil Daily: FT buying above 20-Day EMA &amp; Bear TL\" class=\"wp-image-199355\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-FT-buying-above-20-Day-EMA-Bear-TL.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil traded sideways to up for the week. Thursday broke above the December 26 high with follow-through buying on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-sideways-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may still be in the minor pullback (sideways to up) phase. If it remains weak and sideways, we will likely see more selling pressure return soon.\u00a0<\/li>\n\n\n\n<li>The bulls manage to create a stronger leg up this week trading far above the 20-day EMA and the bear trend line. They got what they wanted.<\/li>\n\n\n\n<li>They see the move down to December 13 simply as a bear leg within a trading range.<\/li>\n\n\n\n<li>They want a reversal from a wedge pattern (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal (Dec 13).&nbsp;<\/li>\n\n\n\n<li>They hope to get a retest of the September high.&nbsp;<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal from a higher low and the 20-day EMA to act as support followed by another leg up completing a wedge pattern with the first two legs being December 26 and January 26.<\/li>\n\n\n\n<li>The bear got 3 pushes down, forming a wedge pattern (Oct 6, Nov 16, and Dec 13).<\/li>\n\n\n\n<li>They want a retest of the December low after the current pullback.<\/li>\n\n\n\n<li>They see the current pullback as forming a double top bear flag (Dec 26 and Jan 26).<\/li>\n\n\n\n<li>For now, odds slightly favor the market to still be in the minor pullback (sideways to up) phase.<\/li>\n\n\n\n<li>Traders will see if the bulls can create sustained follow-through selling.<\/li>\n\n\n\n<li>If the bulls can get a series of consecutive bull bars closing near their highs, trading far above the 20-day EMA and the bear trend line, it can swing the odds in favor of the bull leg beginning. This remains true.<\/li>\n\n\n\n<li>Crude Oil remains in a 77-week trading range. Traders will BLSH (Buy Low, Sell High) in trading ranges until there is a breakout with sustained follow-through buying\/selling.<\/li>\n\n\n\n<li>Most breakouts from a trading range fail 80% of the time. Odds slightly favor the trading range to continue.<\/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 bar closing above the 20-week EMA. The bulls need to get a follow-through bull bar to increase the odds of the bull leg beginning. The bears see the current move simply as a two-legged pullback and want the 20-week EMA and [&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],"class_list":{"0":"post-199176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-crude-oil","7":"category-analysis","8":"tag-crude-oil-futures","9":"entry","10":"has-post-thumbnail","11":"override","12":"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\/199176","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=199176"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/199176\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=199176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=199176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=199176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}