{"id":200109,"date":"2024-02-11T01:30:00","date_gmt":"2024-02-11T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=200109"},"modified":"2024-02-13T00:55:38","modified_gmt":"2024-02-13T08:55:38","slug":"crude-oil-overlapping-candlesticks","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-overlapping-candlesticks\/","title":{"rendered":"Crude Oil Overlapping Candlesticks"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>Traders see Crude Oil Overlapping Candlesticks on the weekly chart which means the market is forming a tight trading range. The bulls will need to create sustained follow-through buying above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning. If the market trades higher, the bears want a reversal from a wedge bear flag.<\/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\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range-680x383.jpg\" alt=\"Crude Oil Weekly: No FT for Bears, Tight Trading Range, Crude Oil Overlapping Candlesticks\" class=\"wp-image-200305\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range.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-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the sideways to up pullback likely has ended and odds slightly favor the market to form a second leg sideways to down. However, the renewed conflict in Syria, Iraq and Iran over the weekend can cause energy prices to be volatile especially if it escalates.<\/li>\n\n\n\n<li>The market traded slightly lower early in the week but the bears were not able to get follow-through selling.<\/li>\n\n\n\n<li>This week\u2019s candlestick overlaps with last week\u2019s range. This is consistent with the hallmark of a tight trading range.<\/li>\n\n\n\n<li>The bulls 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 bull flag (Jan 13 and Feb 5).<\/li>\n\n\n\n<li>The bulls will need to create sustained follow-through buying above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>The bears see the recent sideways to up pullback 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 (Dec 26 and Jan 29).<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from a wedge bear flag.<\/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 big bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, the market may still be in the sideways to up pullback phase.<\/li>\n\n\n\n<li>It is also in a tight trading range (sideways overlapping candlesticks). Poor follow-through and reversals are the hallmarks of a tight trading range.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar following this week\u2019s close above the 20-week EMA.&nbsp;<\/li>\n\n\n\n<li>Crude Oil is currently in a 79-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<\/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\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback-680x383.jpg\" alt=\"Crude Oil Daily: Still Sideways to up Pullback\" class=\"wp-image-200308\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Still-Sideways-to-up-Pullback.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.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-strong-bull-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said 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.\u00a0<\/li>\n\n\n\n<li>So far, the market remains in a sideways trading range around a flat 20-day EMA.<\/li>\n\n\n\n<li>The bulls 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 double bottom bull flag (Dec 13 and Feb 5).<\/li>\n\n\n\n<li>They hope to get a retest of the January high followed by the beginning of the bull leg to retest the September high.<\/li>\n\n\n\n<li>The bulls will need to create consecutive bull bars closing near their highs, trading far above the January high to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>The bear sees the current pullback as forming a wedge bear flag with the first two legs being December 26 and January 26.<\/li>\n\n\n\n<li>They want a retest of the December low after the current pullback.<\/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 buying or will the market stall around the January high area.<\/li>\n\n\n\n<li>If the bulls can get a series of consecutive bull bars closing near their highs, trading far above January high, it can swing the odds in favor of the bull leg beginning.&nbsp;<\/li>\n\n\n\n<li>Crude Oil remains in a 79-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\n\n\n<li>Poor follow-through and reversals are the hallmarks of a trading range.<\/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 Traders see Crude Oil Overlapping Candlesticks on the weekly chart which means the market is forming a tight trading range. The bulls will need to create sustained follow-through buying above the 20-day EMA and the bear trend line to increase the odds of the bull leg beginning. If the market [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":200305,"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-200109","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\/2024\/02\/Crude-Oil-Weekly-No-FT-for-Bears-Tight-Trading-Range.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\/200109","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=200109"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/200109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/200305"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=200109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=200109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=200109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}