{"id":220827,"date":"2024-10-20T01:30:00","date_gmt":"2024-10-20T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=220827"},"modified":"2024-10-20T02:22:07","modified_gmt":"2024-10-20T09:22:07","slug":"weekly-crude-oil-big-bear-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weekly-crude-oil-big-bear-bar\/","title":{"rendered":"Weekly Crude Oil Big Bear Bar"},"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 big bear bar closing below the 20-week EMA. The bears must create a follow-through bear bar (following this week\u2019s close below the 20-week EMA) to increase the odds of retesting the September 10 low. The bulls see this week as a deep pullback and want another leg up to complete the wedge pattern (with the first two legs being Sep 24 and Oct 8). They want a reversal from a double bottom bull flag (Oct 1 and Oct 18).<\/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\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low-680x383.jpg\" alt=\"Crude Oil Weekly: 3rd Leg Up or Retest Sept Low? Weekly Crude Oil Big Bear Bar\" class=\"wp-image-220986\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low.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 big bear bar closing near its low with a small tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may still be sideways to up phase. Traders would see if the bulls could create another follow-through bull bar breaking above the triangle top or if the market would stall and form a pullback closing below the 20-week EMA instead.<\/li>\n\n\n\n<li>The market formed a deep pullback closing below the 20-week EMA.<\/li>\n\n\n\n<li>The bulls got a reversal from a double bottom bull flag (Jun 4 and Sept 10 or Dec 13 and Sep 10) and a wedge (Jun 4, Aug 5, and Sep 10).<\/li>\n\n\n\n<li>They got a retest of the triangle high but there was no strong breakout.<\/li>\n\n\n\n<li>They see this week as a deep pullback and want another leg up to complete the wedge pattern (with the first two legs being Sep 24 and Oct 8).<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Oct 1 and Oct 18).<\/li>\n\n\n\n<li>The bulls must create consecutive bull bars closing near their highs to increase the odds of a breakout above the triangle top.<\/li>\n\n\n\n<li>The bears see the recent move as a two-legged pullback (Sep 24 and Oct 4).<\/li>\n\n\n\n<li>They want a reversal from a lower high and a double top bear flag (Aug 12 and Oct 8).<\/li>\n\n\n\n<li>They want a retest of the September 10 low, even if it forms a higher low.<\/li>\n\n\n\n<li>They must create a follow-through bear bar (following this week\u2019s close below the 20-week EMA) to increase the odds of retesting the September 10 low.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>The market may trade slightly lower (perhaps early next week).<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar or if the market will trade slightly lower but close with a long tail or a bull body instead.<\/li>\n\n\n\n<li>The overlapping candlesticks, poor follow-through and frequent reversals are the hallmarks of trading range price action.<\/li>\n\n\n\n<li>The lower third of the large trading range can be the buy zone of trading range traders.<\/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>The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/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\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low-680x383.jpg\" alt=\"Crude Oil Daily: 3rd Leg Up or Retest Sept Low?\" class=\"wp-image-220992\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-3rd-Leg-Up-or-Retest-Sept-Low.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 tested the 20-day EMA on Monday but closed with a long tail below. Crude Oil then gapped down on Tuesday and traded sideways to down for the rest of the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-follow-through\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may still be sideways to up phase. Traders would see if the bulls could create more follow-through buying or if the market would trade slightly higher but form a double top with the October 8 high instead.<\/li>\n\n\n\n<li>The bears see the recent move (to Oct 8) as a deep pullback and want a retest of the prior leg low (Sep 10), even if it forms a higher low.<\/li>\n\n\n\n<li>They hope the top of the triangle will act as resistance. This was the case.<\/li>\n\n\n\n<li>They got a reversal from a double top bear flag (Aug 12 and Oct 8).<\/li>\n\n\n\n<li>If the market trades higher, they want another lower high and a reversal from a double top bear flag with the October 10 high.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to down leg to retest the current leg low (now Oct 18).<\/li>\n\n\n\n<li>Previously, the bulls got a reversal from a higher low major trend reversal (Oct 1) to retest the top of the triangle but there was no strong breakout.<\/li>\n\n\n\n<li>They see the current move as a deep pullback. They want a reversal from a double bottom bull flag (Oct 1 and Oct 18) and a higher low.<\/li>\n\n\n\n<li>They want another leg up completing the wedge pattern with the first two legs being September 24 and October 24 highs.<\/li>\n\n\n\n<li>The bulls must create consecutive bull bars closing near their highs to increase the odds of a breakout above the triangle pattern.<\/li>\n\n\n\n<li>So far, the market continues to be in a large trading range.<\/li>\n\n\n\n<li>Traders will see if the bears can continue to create bear bars to retest the September 10 low.<\/li>\n\n\n\n<li>Or will the bulls be able to create a reversal to retest the October 8 high from a higher low instead?<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>The lower third of the large trading range can be the buy zone of trading range traders.<\/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>The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/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 big bear bar closing below the 20-week EMA. The bears must create a follow-through bear bar (following this week\u2019s close below the 20-week EMA) to increase the odds of retesting the September 10 low. The bulls see this week as a deep pullback [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":220986,"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-220827","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\/10\/Crude-Oil-Weekly-3rd-Leg-Up-or-Retest-Sept-Low.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\/220827","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=220827"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/220827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/220986"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=220827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=220827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=220827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}