{"id":213104,"date":"2024-07-21T01:30:00","date_gmt":"2024-07-21T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=213104"},"modified":"2024-07-20T13:21:03","modified_gmt":"2024-07-20T20:21:03","slug":"weekly-crude-oil-follow-through-selling","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weekly-crude-oil-follow-through-selling\/","title":{"rendered":"Weekly Crude Oil Follow-through Selling"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The market formed a weekly Crude Oil follow-through selling on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 12 and Jul 5) and from around the top of the large triangle pattern. The bulls hope that the 20-week EMA will 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\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance-680x383.jpg\" alt=\"Crude Oil Weekly: FT Selling at Resistance, Weekly Crude Oil Follow-through Selling\" class=\"wp-image-213268\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance.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\u00a0week\u2019s\u00a0candlestick on the\u00a0<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a> was a bear bar closing near its low with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-bull-leg\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls can create a retest of the July 5 high, or will the bears be able to create a follow-through bear bar and a pullback towards the middle of the trading range (20-week EMA area)?<\/li>\n\n\n\n<li>The market attempted to form a retest of the prior high from midweek onward but lacked follow-through buying. Friday reversed the move closing below last week\u2019s low.<\/li>\n\n\n\n<li>The bears see the strong rally simply as a buy vacuum within a trading range and a retest of the prior high (Apr 12).<\/li>\n\n\n\n<li>They want a reversal from a lower high major trend reversal, a double top bear flag (Apr 12 and Jul 5) and from around the top of the large triangle pattern.<\/li>\n\n\n\n<li>They managed to create a follow-through bear bar this week which increases the odds of a deeper pullback.<\/li>\n\n\n\n<li>The next target for the bears is the 20-week EMA. They want the market to close below it.<\/li>\n\n\n\n<li>Previously, the bulls managed to create a breakout and follow-through buying trading above the 20-week EMA.<\/li>\n\n\n\n<li>They had a 5-bar bull microchannel which means persistent buying.<\/li>\n\n\n\n<li>However, the bulls have not yet been able to create a breakout above the triangle pattern.<\/li>\n\n\n\n<li>The bulls hope that the 20-week EMA will act as support.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing near its low, it is a sell signal bar.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can create another follow-through bear bar or will the market trade slightly lower but stall, closing with a long tail or a bull body.<\/li>\n\n\n\n<li>The middle of the large trading range is an area of balance and can be a magnet. It may be tested soon.<\/li>\n\n\n\n<li>The market is in\u00a0a large\u00a0trading range (Trading range high:\u00a0September 29, Trading range low:\u00a0May 4).<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with\u00a0sustained follow-through buying\/selling.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Sidenote: The ongoing turmoil in the Middle East can cause volatility in energy prices.<\/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\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1-680x383.jpg\" alt=\"Crude Oil Daily: LH MTR, DT Bear Flag, Fri Strong Bear Bar\" class=\"wp-image-213274\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-LH-MTR-DT-Bear-Flag-Fri-Strong-Bear-Bar-1.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 traded lower earlier in the week but reversed higher on Wednesday. Thursday traded slightly higher but lacked follow-through buying. Friday formed a big bear bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-bull-leg\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that because the sideways-to-down pullback has just begun, the market may still be in the pullback phase early in the week. Traders will see the strength of the pullback.<\/li>\n\n\n\n<li>The bulls got a strong breakout trading far above the bear trend line, testing the triangle top.<\/li>\n\n\n\n<li>They got another retest of the July 5 high on Thursday but it was a lower high.<\/li>\n\n\n\n<li>They see the current move simply as a pullback testing the breakout point (May 29) following the strong rally.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Jul 10, Jul 16, and Jul 19). They want the 20-day EMA to act as support.<\/li>\n\n\n\n<li>They hope to get a retest of the July 5 high followed by a breakout with follow-through buying.<\/li>\n\n\n\n<li>The bear sees the prior rally as a buy vacuum and a bull leg within a trading range, testing the prior high (April 12).<\/li>\n\n\n\n<li>They got a pullback from around the top of the triangle. They want a retest of the June 4 low.<\/li>\n\n\n\n<li>They want a reversal from a double top bear flag (Apr 12 and Jul 5) and a lower high major trend reversal (against the April high)<\/li>\n\n\n\n<li>They see Friday\u2019s big bear bar as a reversal from a smaller double top bear flag (Jul 12 and Jul 18).<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows and trading far below the 20-day EMA to indicate they are back in control.<\/li>\n\n\n\n<li>So far, the pullback has a lot of overlapping price action and has the shape of a wedge bull flag.<\/li>\n\n\n\n<li>However, the big bear bar closing near its low Friday indicates strong selling pressure.<\/li>\n\n\n\n<li>Traders will see if there are follow-through selling early next week.<\/li>\n\n\n\n<li>If the bears get strong consecutive bear bars, it could swing the odds in favor of the bear leg beginning.<\/li>\n\n\n\n<li>Or will the market trade slightly lower but stall and reverse up from a wedge bull flag?<\/li>\n\n\n\n<li>For now, odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n<li>The market is trading in the upper third of the trading range which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>The top of the triangle can be a resistance area.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Sidenote: The ongoing turmoil in the Middle East can cause volatility in energy prices.<\/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 market formed a weekly Crude Oil follow-through selling on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 12 and Jul 5) and from around the top of the large triangle pattern. The bulls hope that the [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":213268,"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-213104","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\/07\/Crude-Oil-Weekly-FT-Selling-at-Resistance.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\/213104","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=213104"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/213104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/213268"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=213104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=213104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=213104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}