{"id":225775,"date":"2024-12-22T01:30:00","date_gmt":"2024-12-22T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=225775"},"modified":"2024-12-22T00:25:26","modified_gmt":"2024-12-22T08:25:26","slug":"bulls-want-a-crude-oil-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/bulls-want-a-crude-oil-breakout\/","title":{"rendered":"Bulls Want a Crude Oil Breakout"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The bulls want a Crude Oil breakout to retest the top of the triangle from a wedge bull flag (Oct 29, Nov 18, and Dec 6). The bears want a retest of the October\/September lows and the bottom of the triangle from a wedge bear flag (Nov 7, Nov 22, and Dec 16). They want the top of the tight trading range or the 20-week EMA to act as resistance.<\/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-Bulls-Want-Breakout-Above.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Bulls-Want-Breakout-Above-680x383.jpg\" alt=\"Crude Oil Weekly - TTR, Bulls Want Breakout Above, Bulls Want a Crude Oil Breakout\" class=\"wp-image-225918\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Bulls-Want-Breakout-Above-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Bulls-Want-Breakout-Above-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Bulls-Want-Breakout-Above-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Bulls-Want-Breakout-Above-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-TTR-Bulls-Want-Breakout-Above.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 below the middle of its range and the 20-week EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-wedge-bull-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls could create a breakout above the wedge bull flag (Oct 29, Nov 18, and Dec 13) or if the market would continue to chop sideways within the 9-week tight trading range.<\/li>\n\n\n\n<li>So far, the market continues to trade within the 9-week tight trading range with no breakout from either direction yet.<\/li>\n\n\n\n<li>The bears want a retest of the October\/September lows and the bottom of the triangle from a wedge bear flag (Nov 7, Nov 22, and Dec 16).<\/li>\n\n\n\n<li>They want the top of the tight trading range or the 20-week EMA to act as resistance.<\/li>\n\n\n\n<li>If the market trades higher, they want a lower high and the top of the triangle to act as resistance.<\/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 breakout to retest the top of the triangle.<\/li>\n\n\n\n<li>They see this week simply as a pullback and want a strong breakout followed by a measured move based on the height of the tight trading range.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create a breakout above the wedge bull flag (Oct 29, Nov 18, and Dec 6) and test the top of the triangle.<\/li>\n\n\n\n<li>Or will the market continue to chop sideways and test the bottom of the tight trading range instead?<\/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 market is trading around the middle of the trading range which 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 tight trading range also indicates that the market is in breakout mode. Traders will wait for a strong breakout from either direction, with sustained follow-through buying or selling and trade in the direction of the breakout.<\/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-No-FT-Selling-Bulls-Want-BO-Above-TTR-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-1-680x383.jpg\" alt=\"Crude Oil Daily - No FT Selling, Bulls Want BO Above TTR\" class=\"wp-image-225921\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-1-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-1-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-1-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-1-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-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 sideways to down testing the 20-day EMA this week. Friday traded lower but reversed into a bull doji closing above the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-wedge-bull-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls could create follow-through buying, breaking above the November 7 high or if the market would continue to chop sideways within the tight trading range instead.<\/li>\n\n\n\n<li>So far, the market continues to chop sideways within the tight trading range.<\/li>\n\n\n\n<li>The bulls see the current move forming a wedge bull flag (Oct 19, Nov 18, and Dec 6).<\/li>\n\n\n\n<li>They want a breakout above the tight trading range to retest the top of the triangle and the October 8 high.<\/li>\n\n\n\n<li>They see this week as a pullback forming a small double bottom bull flag (Dec 17 and Dec 20).<\/li>\n\n\n\n<li>They want a strong breakout followed by a measured move based on the height of the tight trading range.<\/li>\n\n\n\n<li>The bears want a retest of the October and September lows followed by a breakout below the bottom of the triangle.<\/li>\n\n\n\n<li>They want the market to reverse lower from a larger Low 4 sell setup.<\/li>\n\n\n\n<li>They want the top of the tight trading range and the bear trend line to act as resistance.<\/li>\n\n\n\n<li>If the market trades higher, they want a lower high and the top of the triangle to act as resistance.<\/li>\n\n\n\n<li>So far, the candlesticks in the last 9 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>For now, traders will see if the bulls can create a retest and a breakout above the tight trading range.<\/li>\n\n\n\n<li>Or will the market continue to chop sideways and test the bottom of 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 market is trading around the middle of the trading range which 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\n\n\n<li>The tight trading range also indicates that the market is in breakout mode. Traders will wait for a strong breakout from either direction with sustained follow-through buying or selling and trade in the direction of the breakout.<\/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 bulls want a Crude Oil breakout to retest the top of the triangle from a wedge bull flag (Oct 29, Nov 18, and Dec 6). The bears want a retest of the October\/September lows and the bottom of the triangle from a wedge bear flag (Nov 7, Nov 22, [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":225918,"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-225775","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-Bulls-Want-Breakout-Above.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\/225775","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=225775"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/225775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/225918"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=225775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=225775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=225775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}