{"id":201105,"date":"2024-02-25T01:30:00","date_gmt":"2024-02-25T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=201105"},"modified":"2024-02-25T08:52:59","modified_gmt":"2024-02-25T16:52:59","slug":"crude-oil-wedge-bear-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-wedge-bear-flag\/","title":{"rendered":"Crude Oil Wedge Bear Flag"},"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 wedge bear flag on the weekly chart. The bears will need to create sustained follow-through selling closing below the 20-week EMA to increase the odds of another leg lower. If the market trades lower, the bulls want a reversal from a wedge bull flag with the first two legs being January 3 and February 5.<\/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-Wedge-Bear-Flag-Bears-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg\" alt=\"Crude Oil Weekly: Wedge Bear Flag, Bears Need FT, Crude Oil Wedge Bear Flag\" class=\"wp-image-201215\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-Wedge-Bear-Flag-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-Wedge-Bear-Flag-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-Wedge-Bear-Flag-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Weekly-Wedge-Bear-Flag-Bears-Need-FT.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 bear bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-pullback-phase\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may still be in the sideways to up pullback phase. Until the bulls can create follow-through buying trading far above the January high, odds slightly favor at least a small sideways to down leg to retest the December low.<\/li>\n\n\n\n<li>This week traded slightly above last week\u2019s high but reversed to close near its low by Friday.<\/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>They 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>If the market trades lower, they want a reversal from a wedge bull flag with the first two legs being January 3 and February 5.<\/li>\n\n\n\n<li>The bears see the recent sideways to up pullback as forming a wedge bear flag (Dec 26, Jan 29, and Feb 22).<\/li>\n\n\n\n<li>They also see a small double top (Jan 29 and Feb 22)<\/li>\n\n\n\n<li>They want the 20-week EMA and the bear trend line to act as resistance.<\/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) after the current pullback.<\/li>\n\n\n\n<li>The bears will need to create sustained follow-through selling closing below the 20-week EMA to increase the odds of another leg lower.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>For now, the sideways to up pullback phase may have ended if the bears can create follow-through selling next week closing below the 20-week EMA.<\/li>\n\n\n\n<li>Until the bulls can create follow-through buying trading far above the January high, odds slightly favor at least a small sideways to down leg to retest the December low. This remains true.<\/li>\n\n\n\n<li>Crude Oil is currently in an 81-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>Poor follow-through and reversals are the hallmarks of a tight trading range.<\/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-Wedge-Bear-Flag-Bears-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg\" alt=\"Crude Oil Daily: Wedge Bear Flag, Bears Need FT\" class=\"wp-image-201218\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/02\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT.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 but reversed to close near its low on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-pullback-phase\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that odds slightly favor the market to still be in the minor pullback (sideways to up) phase and 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>This week tested the January high but stalled and reversed lower on Friday.<\/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 got 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 breakout above 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.&nbsp;<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal from a wedge bull flag with the first two legs being December 13 and February 5.<\/li>\n\n\n\n<li>The bear sees the current pullback as forming a wedge bear flag (Dec 26, Jan 29, and Feb 22). The third leg up also formed a micro wedge (Feb 14, Feb 20, and Feb 22).<\/li>\n\n\n\n<li>They want a retest of the December low after the current pullback.<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from around the January high area or slightly above it.&nbsp;<\/li>\n\n\n\n<li>For now, the minor pullback (sideways to up) phase may have ended if the bears can create sustained follow-through selling next week, closing below the 20-day EMA.<\/li>\n\n\n\n<li>Odds slightly favor the 11-weeks sideways to up pullback to be minor and favor at least a small leg retesting the December low after the pullback. This remains true.<\/li>\n\n\n\n<li>Crude Oil remains in an 81-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\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<\/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 wedge bear flag on the weekly chart. The bears will need to create sustained follow-through selling closing below the 20-week EMA to increase the odds of another leg lower. If the market trades lower, the bulls want a reversal from a wedge bull [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":201215,"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-201105","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-Wedge-Bear-Flag-Bears-Need-FT.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\/201105","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=201105"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/201105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/201215"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=201105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=201105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=201105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}