{"id":206374,"date":"2024-04-28T01:30:00","date_gmt":"2024-04-28T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=206374"},"modified":"2024-04-28T01:29:47","modified_gmt":"2024-04-28T08:29:47","slug":"crude-oil-bull-channel","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/crude-oil-bull-channel\/","title":{"rendered":"Crude Oil Bull Channel"},"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 bull channel and a bull leg within a trading range. The bears see this week simply as a pullback and want at least a small second leg sideways to down. The bulls want a retest of the\u00a0September 28\u00a0high after the current pullback. If the market trades lower, 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-Weak-FT-Selling-Bull-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Weak-FT-Selling-Bull-Channel-680x383.jpg\" alt=\"Crude Oil Weekly: Weak FT Selling, Bull Channel, Crude Oil Bull Channel\" class=\"wp-image-206687\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Weak-FT-Selling-Bull-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Weak-FT-Selling-Bull-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Weak-FT-Selling-Bull-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Weak-FT-Selling-Bull-Channel-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Weekly-Weak-FT-Selling-Bull-Channel.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\u00a0<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a>\u00a0was a bull bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-pullback-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may still be in the sideways-to-down pullback phase\u00a0and\u00a0the 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 bull leg as forming a wedge bear flag (Dec 26,\u00a0Jan 29,\u00a0Apr 12). They also see an embedded wedge in the third leg up (Jan 3,\u00a0Mar 19, and\u00a0Apr 12).<\/li>\n\n\n\n<li>They see this week simply as a pullback and want at least a small second leg sideways to down.<\/li>\n\n\n\n<li>They want a failed breakout above the bull channel.<\/li>\n\n\n\n<li>They\u00a0will need to\u00a0create consecutive bear bars closing near their lows and trading below the 20-week EMA to convince traders that they are back in control.<\/li>\n\n\n\n<li>If the market trades higher, they want it to stall around the\u00a0April 12\u00a0high area, forming a small double top.<\/li>\n\n\n\n<li>The bulls got a weak bull leg with overlapping candlesticks trading above the 20-week EMA\u00a0testing\u00a0the upper third of the\u00a0large\u00a0trading range.<\/li>\n\n\n\n<li>They want a retest of the\u00a0September 28\u00a0high after the current pullback.<\/li>\n\n\n\n<li>If the market trades lower, 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 bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can get a follow-through bull bar. If they do, the odds of a retest of the\u00a0April 12\u00a0high and a breakout attempt will increase.<\/li>\n\n\n\n<li>Until the bears can create a strong breakout below the bull trend line and the 20-week EMA, 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 aggressively and\u00a0if\u00a0not, higher up in the trading range near the September high.<\/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-Bears-Want-2nd-Leg-Down.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Bears-Want-2nd-Leg-Down-680x383.jpg\" alt=\"Crude Oil Daily: Bears Want 2nd Leg Down\" class=\"wp-image-206690\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Bears-Want-2nd-Leg-Down-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Bears-Want-2nd-Leg-Down-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Bears-Want-2nd-Leg-Down-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Bears-Want-2nd-Leg-Down-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/04\/Crude-Oil-Daily-Bears-Want-2nd-Leg-Down.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 slightly lower on Monday but lacked follow-through selling. The market then traded sideways\u00a0to up\u00a0for the rest of the week, trading above the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-pullback-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may still be in the sideways-to-down pullback phase and that the prior move-up is strong enough to favor at least a small second leg sideways to up after a slightly\u00a0larger\u00a0pullback.\u00a0<\/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>They want the current pullback to be weak and shallow (filled with bull bars, doji(s) and overlapping candlesticks).\u00a0<\/li>\n\n\n\n<li>They want the 20-day EMA or the bull trend line to\u00a0act as support.\u00a0<\/li>\n\n\n\n<li>The bulls\u00a0will need to\u00a0create a strong retest of the\u00a0April 12\u00a0high to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>The bear sees the move up as forming a wedge bear flag (Dec 26,\u00a0Jan 26, and\u00a0Apr 12). They also see an embedded wedge forming in the third leg up (Mar 1,\u00a0Mar 19, and\u00a0Apr 5) and a small double top (Apr 5\u00a0and\u00a0Apr 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>They hope\u00a0that the\u00a0current pullback (bounce) is simply a retest of the\u00a0April 12\u00a0high and want a reversal from a lower high\u00a0major\u00a0trend reversal.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the selling pressure is not\u00a0yet\u00a0as\u00a0strong\u00a0as the bear&#8217;s hope\u00a0it would be.\u00a0<\/li>\n\n\n\n<li>They need to create\u00a0strong consecutive\u00a0bear bars trading far below the 20-day EMA and the bear trend line to increase the odds of the bear leg beginning.\u00a0<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create sustained follow-through buying above the 20-day EMA to retest the\u00a0April 12\u00a0high.<\/li>\n\n\n\n<li>The prior move-up is strong enough to favor at least a small second leg sideways to up after a pullback. The second leg sideways to up could be underway.\u00a0<\/li>\n\n\n\n<li>If the retest of the\u00a0April 12\u00a0high is weak (with bear bars, doji(s) and overlapping candlesticks), the odds of another leg down will increase.<\/li>\n\n\n\n<li>The market\u00a0is also trading\u00a0near 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\u00a0September 28\u00a0high area.<\/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 bull channel and a bull leg within a trading range. The bears see this week simply as a pullback and want at least a small second leg sideways to down. The bulls want a retest of the\u00a0September 28\u00a0high after the current pullback. If [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":206687,"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-206374","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-Weak-FT-Selling-Bull-Channel.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\/206374","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=206374"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/206374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/206687"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=206374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=206374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=206374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}