{"id":224815,"date":"2024-12-08T01:30:00","date_gmt":"2024-12-08T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=224815"},"modified":"2024-12-07T22:53:37","modified_gmt":"2024-12-08T06:53:37","slug":"weekly-crude-oil-wedge-bear-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/weekly-crude-oil-wedge-bear-flag\/","title":{"rendered":"Weekly Crude Oil Wedge Bear Flag"},"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 wedge bear flag (Oct 24, Nov 7, and Nov 22). The bears must create sustained follow-through selling to increase the odds of a breakout below the triangle. The bulls see the current move as a three-legged pullback \u2013 a wedge bull flag (Oct 29, Nov 18, and Dec 6) and want a reversal to retest the top of the triangle.<\/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\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-Bears-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg\" alt=\"Crude Oil Weekly - TTR, Wedge Bear Flag, Bears Need FT, Weekly Crude Oil Wedge Bear Flag\" class=\"wp-image-224963\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-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\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\/monthly-crude-oil-tight-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market is in a tight trading range. Traders would see if the bears could create a strong entry bar or if the market would trade slightly lower but stall and reverse higher.<\/li>\n\n\n\n<li>This week was a bear entry bar even though the candlestick had a lot of overlapping range with the prior 7 candlesticks.<\/li>\n\n\n\n<li>The bears got a follow-through bear bar. They want a retest of the October\/September lows and the bottom of the triangle from a wedge bear flag (Oct 24, Nov 7, and Nov 22).<\/li>\n\n\n\n<li>They want the bear trend line or the 20-week EMA to act as resistance. So far this is the case.<\/li>\n\n\n\n<li>They must create sustained follow-through selling to increase the odds of a breakout below the triangle.<\/li>\n\n\n\n<li>The bulls see the current move as a three-legged pullback \u2013 a wedge bull flag (Oct 29, Nov 18, and Dec 6) and want a reversal to retest the top of the triangle.<\/li>\n\n\n\n<li>The problem with the bull\u2019s case is that they have not yet been able to create sustained follow-through buying above the 20-week EMA in the last 7 weeks.<\/li>\n\n\n\n<li>If the market trades lower, they want the October\/September lows or the bottom of the triangle to act as support.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>Because of the repeated failure to break above the 20-week EMA, we may start to see more selling pressure appear.<\/li>\n\n\n\n<li>The market may trade at least a little lower.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create a breakout below the wedge bear flag (Oct 24, Nov 7, and Nov 22) and test the October\/September lows and the bottom of the triangle.<\/li>\n\n\n\n<li>Or will the market continue to trade within the 7-week tight trading range?<\/li>\n\n\n\n<li>The market has been trading sideways with overlapping candlesticks, poor follow-through and frequent reversals which means the market is in a tight trading range.<\/li>\n\n\n\n<li>The middle of the trading range is an area of balance and a magnet.<\/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<\/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\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through-680x383.jpg\" alt=\"Crude Oil Daily - Low 4 Sell Setup, Bears Need Follow-through\" class=\"wp-image-224966\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-Low-4-Sell-Setup-Bears-Need-Follow-through.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 higher earlier in the week. Wednesday traded higher but reversed into a bear bar closing below the 20-day EMA with follow-through selling on Thursday and Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-outside-bull-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the market is in a tight trading range. Traders would see if the bulls could create follow-through buying breaking far above the November 7 high or if the market would stall around the current levels followed by another leg down to retest the October or September lows instead.<\/li>\n\n\n\n<li>So far, the bulls have not yet been able to create follow-through buying breaking far above the 20-day EMA and the market is making lower highs.<\/li>\n\n\n\n<li>The bulls see the recent move as a three-legged pullback, a wedge bull flag (Oct 19, Nov 18, and Dec 6).<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag and a higher low major trend reversal to retest the top of the triangle and the October 8 high.<\/li>\n\n\n\n<li>The bulls must create consecutive bull bars closing near their highs, trading far above the 20-day EMA and the bear trend line to increase the odds of a retest of the October 8 high.<\/li>\n\n\n\n<li>The bears want a retest of the October and September lows. They want a breakout below the bottom of the triangle.<\/li>\n\n\n\n<li>They want a breakout from the wedge bear flag (Nov 7, Nov 22, and Dec 4) or the large Low 4 pattern.<\/li>\n\n\n\n<li>They must create follow-through selling to increase the odds of breaking below the triangle pattern.<\/li>\n\n\n\n<li>So far, the candlesticks in the last 7 weeks have a lot of overlapping ranges which indicates tight trading range price action.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Because of the repeated failure to create sustained buying above the 20-day EMA, we may see more selling pressure appear.<\/li>\n\n\n\n<li>The market may trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can create follow-through selling breaking below the Low 4 pattern.<\/li>\n\n\n\n<li>Or will the market continue to chop sideways within the tight trading range instead?<\/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 middle of the trading range is an area of balance and a magnet.<\/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<\/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 wedge bear flag (Oct 24, Nov 7, and Nov 22). The bears must create sustained follow-through selling to increase the odds of a breakout below the triangle. The bulls see the current move as a three-legged pullback \u2013 a wedge bull flag (Oct [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":224963,"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-224815","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\/12\/Crude-Oil-Weekly-TTR-Wedge-Bear-Flag-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\/224815","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=224815"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/224815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/224963"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=224815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=224815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=224815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}