{"id":202090,"date":"2024-03-10T01:30:00","date_gmt":"2024-03-10T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=202090"},"modified":"2024-03-10T07:56:46","modified_gmt":"2024-03-10T14:56:46","slug":"crude-oil-ioi-pattern","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-ioi-pattern\/","title":{"rendered":"Crude Oil ioi Pattern"},"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 ioi pattern (inside-outside-inside), a breakout mode pattern. The bears want a breakout from the ioi pattern and a wedge bear flag with a strong close below the 20-week EMA. If the market trades lower, the bulls want a reversal from a higher low major trend reversal.<\/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\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar-680x383.jpg\" alt=\"Crude Oil Weekly: ioi Breakout Pattern, Sell Signal Bar, Crude oil ioi Pattern\" class=\"wp-image-202375\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-Bar.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 an inside bear bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that odds slightly favor the market to still be in the sideways to up pullback phase. Poor follow-through and reversals are the hallmarks of a tight trading range.<\/li>\n\n\n\n<li>This week formed an ioi (inside-outside-inside) breakout pattern.<\/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, Mar 1).<\/li>\n\n\n\n<li>They want another leg down to retest the prior leg low (Dec 13).<\/li>\n\n\n\n<li>They will need to create a breakout below the ioi (inside-outside-inside) pattern by creating a follow-through bear bar, preferably closing below the 20-week EMA.<\/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 got 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 January high 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 higher low major trend reversal.<\/li>\n\n\n\n<li>While the market has traded above the 20-week EMA, the move has a lot of overlapping candlestick. The bulls are not as strong as they hoped to be.<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal from a higher low major trend reversal.<\/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>Odds slightly favor a breakout below the ioi (inside-outside-inside) first. The first breakout can fail 50% of the time.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar. If they do, especially if it is strong and closes far below the 20-week EMA, it could signal the end of the sideways to up pullback phase.<\/li>\n\n\n\n<li>Crude Oil is currently in an 83-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\/03\/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\/03\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg\" alt=\"Crude Oil Daily: Wedge Bear Flag, Bears Need FT\" class=\"wp-image-202378\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Crude-Oil-Daily-Wedge-Bear-Flag-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/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 down for the week, stalling around the January high area. Friday closed as an outside bear bar.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that odds slightly favor the 13-weeks sideways to up pullback to be minor and favor at least a small leg retesting the December low after the pullback.<\/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.&nbsp;<\/li>\n\n\n\n<li>So far, the market continues to stall around the January high area with no strong breakout yet.<\/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 higher low major trend reversal.<\/li>\n\n\n\n<li>The bear sees the current pullback as forming a wedge bear flag (Dec 26, Jan 29, and Mar 1).&nbsp;<\/li>\n\n\n\n<li>They want the market to stall around the January high area or slightly above it. So far this is the case.<\/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, the minor pullback (sideways to up) phase can end 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 13-week 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 83-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>Poor follow-through and reversals are the hallmarks of a trading range.<\/li>\n\n\n\n<li>Traders will see if the bulls can get a breakout above the January high or will the retest of the December low begin soon.<\/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 ioi pattern (inside-outside-inside), a breakout mode pattern. The bears want a breakout from the ioi pattern and a wedge bear flag with a strong close below the 20-week EMA. If the market trades lower, the bulls want a reversal from a higher low [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":202375,"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-202090","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\/03\/Crude-Oil-Weekly-ioi-Breakout-Pattern-Sell-Signal-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\/202090","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=202090"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/202090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/202375"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=202090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=202090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=202090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}