The Monthly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/Crude-Oil-Monthly-Middle-of-TR-Overlapping-Candlesticks-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The October monthly Crude Oil candlestick had a small bull body closing in its lower half with a long tail above (has the shape of a doji bar).<\/li>\n\n\n\n
- Last month<\/a>, we said that traders would see if the bulls could create a strong bull bar testing the top of the triangle, or if the market would trade higher but stall and close with a long tail or a bear body below the 20-month EMA instead.<\/li>\n\n\n\n
- The bears saw the move in October as a one-bar pullback and want a reversal from a wedge bear flag (Apr 12, Jul 5, and Oct 8).<\/li>\n\n\n\n
- They hope to get a second leg sideways to down to retest the September low followed by a breakout below the triangle.<\/li>\n\n\n\n
- They need to create strong bear bars with follow-through selling to increase the odds of lower prices.<\/li>\n\n\n\n
- The bulls see the sideways-to-down move (to Sep 10) as a two-legged pullback.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (Jun 4 and Sep 10) and a higher low.<\/li>\n\n\n\n
- They also see a larger double bottom bull flag (Dec 13 and Sep 10).<\/li>\n\n\n\n
- They see October\u2019s rally as breaking the minor bear trend line followed by a retest of the September 10 low, forming a higher low major trend reversal.<\/li>\n\n\n\n
- They want a retest of the triangle top and a strong breakout above.<\/li>\n\n\n\n
- If the market trades lower, the bulls want the September low and the bottom of the triangle to act as support.<\/li>\n\n\n\n
- Since October\u2019s candlestick had a small bull body with a long tail above, it is not a strong buy signal bar for November.<\/li>\n\n\n\n
- The market is trading around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n
- The overlapping candlesticks, long tail (Oct), poor follow-through and frequent reversals are hallmarks of trading range price action.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong bull bar retesting the October 8 high.<\/li>\n\n\n\n
- Or will the bears be able to create a retest and breakout below the September 10 low instead?<\/li>\n\n\n\n
- The increasingly tight triangle pattern indicates that Crude Oil is in a breakout mode.<\/li>\n\n\n\n
- Because the market is also in a trading range (sideways overlapping candlesticks), traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with sustained follow-through buying\/selling.<\/li>\n\n\n\n
- The lower third of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n
- The broadening conflict in the Middle East will keep energy prices volatile.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/Crude-Oil-Weekly-Gap-Down-Limited-FT-Selling-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a bull doji closing around the middle of its range with tails above and below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds favor the first breakout above last week\u2019s high. Traders would see if the bulls could create another follow-through bull bar closing above the 20-week EMA or if the market will trade slightly higher but close with a long tail or a bear body instead.<\/li>\n\n\n\n
- The market gapped down on Monday and traded lower early in the week. Crude Oil reversed higher but closed off its high following a pullback on Friday.<\/li>\n\n\n\n
- The bulls see the current move as a deep pullback and want a retest of the October 8 high.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (Oct 1 and Oct 29).<\/li>\n\n\n\n
- The bulls must create a strong entry bar next week with follow-through buying to increase the odds of a retest of the October 8 high.<\/li>\n\n\n\n
- If the market trades lower, they want the September low or the bottom of the triangle to act as support.<\/li>\n\n\n\n
- The bears got a reversal from a lower high and a double top bear flag (Aug 12 and Oct 8).<\/li>\n\n\n\n
- They saw last week as a pullback and want a small second leg sideways-to-down to retest the October 18 low. They got that this week.<\/li>\n\n\n\n
- However, the candlestick closed with a small bull body and a long tail below which indicates limited follow-through selling and that the bears are not as strong as they hope to be.<\/li>\n\n\n\n
- If the market trades higher, they want the 20-week EMA to act as resistance.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull doji closing around the middle of its range, it is not a strong sell signal bar for next week.<\/li>\n\n\n\n
- Traders will see if the bulls can create a follow-through bull bar or if the bears can create a retest of the October low instead.<\/li>\n\n\n\n
- The lower third of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n
- The overlapping candlesticks, poor follow-through and frequent reversals are the hallmarks of trading range price action.<\/li>\n\n\n\n
- The market is in a large trading range (Trading range high: September 29, Trading range low: May 4).<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with sustained follow-through buying\/selling.<\/li>\n\n\n\n
- The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/Crude-Oil-Monthly-Middle-of-TR-Overlapping-Candlesticks.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The October monthly Crude Oil candlestick had a small bull body closing in its lower half with a long tail above (has the shape of a doji bar).<\/li>\n\n\n\n
- Last month<\/a>, we said that traders would see if the bulls could create a strong bull bar testing the top of the triangle, or if the market would trade higher but stall and close with a long tail or a bear body below the 20-month EMA instead.<\/li>\n\n\n\n
- The bears saw the move in October as a one-bar pullback and want a reversal from a wedge bear flag (Apr 12, Jul 5, and Oct 8).<\/li>\n\n\n\n
- They hope to get a second leg sideways to down to retest the September low followed by a breakout below the triangle.<\/li>\n\n\n\n
- They need to create strong bear bars with follow-through selling to increase the odds of lower prices.<\/li>\n\n\n\n
- The bulls see the sideways-to-down move (to Sep 10) as a two-legged pullback.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (Jun 4 and Sep 10) and a higher low.<\/li>\n\n\n\n
- They also see a larger double bottom bull flag (Dec 13 and Sep 10).<\/li>\n\n\n\n
- They see October\u2019s rally as breaking the minor bear trend line followed by a retest of the September 10 low, forming a higher low major trend reversal.<\/li>\n\n\n\n
- They want a retest of the triangle top and a strong breakout above.<\/li>\n\n\n\n
- If the market trades lower, the bulls want the September low and the bottom of the triangle to act as support.<\/li>\n\n\n\n
- Since October\u2019s candlestick had a small bull body with a long tail above, it is not a strong buy signal bar for November.<\/li>\n\n\n\n
- The market is trading around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n
- The overlapping candlesticks, long tail (Oct), poor follow-through and frequent reversals are hallmarks of trading range price action.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a strong bull bar retesting the October 8 high.<\/li>\n\n\n\n
- Or will the bears be able to create a retest and breakout below the September 10 low instead?<\/li>\n\n\n\n
- The increasingly tight triangle pattern indicates that Crude Oil is in a breakout mode.<\/li>\n\n\n\n
- Because the market is also in a trading range (sideways overlapping candlesticks), traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with sustained follow-through buying\/selling.<\/li>\n\n\n\n
- The lower third of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n
- The broadening conflict in the Middle East will keep energy prices volatile.<\/li>\n<\/ul>\n\n\n\n
The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a bull doji closing around the middle of its range with tails above and below.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds favor the first breakout above last week\u2019s high. Traders would see if the bulls could create another follow-through bull bar closing above the 20-week EMA or if the market will trade slightly higher but close with a long tail or a bear body instead.<\/li>\n\n\n\n
- The market gapped down on Monday and traded lower early in the week. Crude Oil reversed higher but closed off its high following a pullback on Friday.<\/li>\n\n\n\n
- The bulls see the current move as a deep pullback and want a retest of the October 8 high.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (Oct 1 and Oct 29).<\/li>\n\n\n\n
- The bulls must create a strong entry bar next week with follow-through buying to increase the odds of a retest of the October 8 high.<\/li>\n\n\n\n
- If the market trades lower, they want the September low or the bottom of the triangle to act as support.<\/li>\n\n\n\n
- The bears got a reversal from a lower high and a double top bear flag (Aug 12 and Oct 8).<\/li>\n\n\n\n
- They saw last week as a pullback and want a small second leg sideways-to-down to retest the October 18 low. They got that this week.<\/li>\n\n\n\n
- However, the candlestick closed with a small bull body and a long tail below which indicates limited follow-through selling and that the bears are not as strong as they hope to be.<\/li>\n\n\n\n
- If the market trades higher, they want the 20-week EMA to act as resistance.<\/li>\n\n\n\n
- Since this week\u2019s candlestick is a bull doji closing around the middle of its range, it is not a strong sell signal bar for next week.<\/li>\n\n\n\n
- Traders will see if the bulls can create a follow-through bull bar or if the bears can create a retest of the October low instead.<\/li>\n\n\n\n
- The lower third of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n
- The overlapping candlesticks, poor follow-through and frequent reversals are the hallmarks of trading range price action.<\/li>\n\n\n\n
- The market is in a large trading range (Trading range high: September 29, Trading range low: May 4).<\/li>\n\n\n\n
- Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with sustained follow-through buying\/selling.<\/li>\n\n\n\n
- The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Last week<\/a>, we said that the odds favor the first breakout above last week\u2019s high. Traders would see if the bulls could create another follow-through bull bar closing above the 20-week EMA or if the market will trade slightly higher but close with a long tail or a bear body instead.<\/li>\n\n\n\n