{"id":205317,"date":"2024-04-14T01:30:00","date_gmt":"2024-04-14T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=205317"},"modified":"2024-04-14T02:17:00","modified_gmt":"2024-04-14T09:17:00","slug":"crude-oil-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-pullback\/","title":{"rendered":"Crude Oil Pullback?"},"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 pullback, closing as a bear doji following last week&#8217;s breakout above the bull channel. The bears want a failed breakout above the bull channel and a reversal from a wedge pattern. If the market trades lower (pullback), the bulls want the 20-week EMA or the bull trend line to act as support.<\/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\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-Bears-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-Bears-Need-FT-680x383.jpg\" alt=\"Crude Oil Weekly: Pullback or Stalling? Bears Need FT, Crude Oil Pullback\" class=\"wp-image-205506\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-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 doji.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/stronger-crude-oil-buying-pressure\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to remain in the bull channel with pullbacks in between.<\/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, Apr 12). They also see an embedded wedge in the third leg up (Jan 3, Mar 19, and Apr 12).<\/li>\n\n\n\n<li>They want a failed breakout above the bull channel.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not been able to create strong selling pressure with follow-through selling since the pullback started in December.<\/li>\n\n\n\n<li>They will need to create consecutive bear bars closing near their lows to convince traders that they are back in control.<\/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 weak bull channel with overlapping candlesticks trading above the 20-week EMA for weeks.<\/li>\n\n\n\n<li>The market has further strengthened in the last few weeks with bull bars closing near their highs and breaking above the bull channel.<\/li>\n\n\n\n<li>If the market trades lower (pullback), the bulls want the 20-week EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear, it is a neutral signal bar for next week.<\/li>\n\n\n\n<li>For now, the odds slightly favor the market to remain in the bull channel with pullbacks in between.<\/li>\n\n\n\n<li>The market is trading near the upper third of the trading range, which is the sell zone of the trading range traders.<\/li>\n\n\n\n<li>Traders will see if sellers appear around this area, or higher up in the trading range.<\/li>\n\n\n\n<li>The inability of the bears to create meaningful follow-through selling pressure has increased the odds of the bull leg testing the upper third or the trading range high area.&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\/04\/Crude-Oil-Daily-Pullback-or-Stalling.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Pullback-or-Stalling-680x383.jpg\" alt=\"Crude Oil Daily: Pullback or Stalling?\" class=\"wp-image-205509\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Pullback-or-Stalling-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Pullback-or-Stalling-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Pullback-or-Stalling-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Pullback-or-Stalling-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Pullback-or-Stalling.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>The market opened slightly lower and traded sideways for the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/stronger-crude-oil-buying-pressure\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the move up is strong enough to favor at least a small second leg sideways to up after a pullback.<\/li>\n\n\n\n<li>The bulls hope that the bull leg to retest the trading range high (Sept 28) is currently underway.<\/li>\n\n\n\n<li>If the market trades lower (pullback), they want the pullback to be weak and shallow and the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to up to retest the prior trend extreme high (Apr 12).<\/li>\n\n\n\n<li>The bear sees the current pullback as forming a wedge bear flag (Dec 26, Jan 26, and Apr 12). They also see an embedded wedge forming in the third leg up (Mar 1, Mar 19, and Apr 5) and a small double top (Apr 5 and Apr 12).<\/li>\n\n\n\n<li>They see the move up simply as a bull leg within a trading range and a buy vacuum test of the trading range high area.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the selling pressure continues to be weak (poor follow-through selling) while the buying pressure is becoming stronger (stronger consecutive bull bars closing near their highs).<\/li>\n\n\n\n<li>They need to create strong consecutive bear bars trading far below the 20-day EMA and the bear trend line to increase the odds of lower prices.&nbsp;<\/li>\n\n\n\n<li>For now, the move up is strong enough to favor at least a small second leg sideways to up after a slightly larger pullback.<\/li>\n\n\n\n<li>The bull leg to retest near the trading range high may be underway.<\/li>\n\n\n\n<li>The market is also trading near the upper third of the trading range, which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>Traders will see if sellers appear aggressively here, and if not, then the next area to watch for is around the September 28 high area,<\/li>\n\n\n\n<li>The inability of the bears to create meaningful follow-through selling pressure has increased the odds in favor of more sideways to up movements.<\/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 pullback, closing as a bear doji following last week&#8217;s breakout above the bull channel. The bears want a failed breakout above the bull channel and a reversal from a wedge pattern. If the market trades lower (pullback), the bulls want the 20-week EMA [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":205506,"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-205317","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\/04\/Crude-Oil-Weekly-Pullback-or-Stalling-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\/205317","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=205317"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/205317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/205506"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=205317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=205317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=205317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}