Bears want a retest of Sept low. If next week closes as a bear follow-through bar especially if it is strong, increases the odds of a retest of Sept low. However, if next week trades lower, but reverses to close with a bull body and a long tail below instead, the odds of a second leg sideways to up would increase.\u00a0<\/p>\n\n\n\n
Crude oil futures<\/h2>\n\n\n\nThe Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Crude-Oil-Weekly-No-Follow-through-Bull-Bar-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a big bear bar closing near the low.<\/li>
- Last week, we said that the odds favor at least slightly higher prices. Traders will see if the bulls can create a follow-through bull bar. If next week trades higher but reverses to close with a bear body instead, the odds of a retest of the September low would increase.<\/li>
- While the move down since June was in a tight bear channel, the candlesticks had a lot of overlapping price action. The bears are not yet as strong as they could have been.<\/li>
- The bears want at least a small second leg sideways to down retesting the September low after a pullback.<\/li>
- They want a reversal lower from a double top bear flag with August 30 or July 29 high.<\/li>
- The bears need a follow-through bear bar next week to increase the odds of re-testing the Sept low.<\/li>
- Bulls want a reversal from a wedge bull flag (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The bulls will need to create consecutive bull bars closing near their highs breaking far above the bear trend line, and the 20-week exponential moving average, to convince traders that the correction may be over.<\/li>
- They failed to get follow-through buying following last week\u2019s big bull bar and Crude Oil closed below the 20-week exponential moving average.<\/li>
- Bulls hope that this week was simply a 50% pullback from the rally off the Sept low, and a breakout pullback above the bear trendline. They want at least a small second leg sideways to up.\u00a0<\/li>
- They want next week to close with a bull body even though it may trade slightly lower first.<\/li>
- The 20-week exponential moving average remains resistance above.<\/li>
- Since this week was a bear bar closing near the low, odds favor next week to trade at least slightly below this week\u2019s low.<\/li>
- Traders will see if the bears can create a follow-through bear bar. If they do, especially if it is strong, it increases the odds of a retest of Sept low.<\/li>
- However, if next week trades lower, but reverses to close with a bull body and a long tail below instead, the odds of a second leg sideways to up would increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/Crude-Oil-Daily-50-PB-of-Rally-from-Sept-Low-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- Monday opened slightly higher and traded lower for the rest of the week with a pullback on Thursday.<\/li>
- The bulls want a reversal from a wedge pattern (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The 20-week exponential moving average and bear trend line are resistances above.<\/li>
- Last week, the bulls created consecutive bull bars closing near their highs breaking far above the resistances. This was the strongest spike up since the selloff in June.<\/li>
- The bulls see this week simply as a 50% pullback from the Sept low, and want at least a small second leg sideways to up.<\/li>
- If Crude Oil continues to trade lower next week, the bulls want a higher low major trend reversal higher.<\/li>
- While the move down since June was in a tight bear channel, there was a lot of overlapping price action.<\/li>
- That means the bears are not yet as strong as they could have been.<\/li>
- The bears want a 2-legged sideways to down retesting the Sept low after the pullback.<\/li>
- They want a reversal lower from a double-top bear flag with August 30 or July 29 high.<\/li>
- They hope that the first leg down has started this week. They will need to create follow-through selling next week to increase the odds of a re-test of Sept low.<\/li>
- For now, the bulls still have at least a 50% chance of at least a small second leg sideways to up to retest the Oct 7 high.<\/li>
- However, if the bears continue to create consecutive bear bars closing near their lows next week, the odds of a retest of Sept low increases.<\/li><\/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\/2022\/10\/Crude-Oil-Weekly-No-Follow-through-Bull-Bar.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a big bear bar closing near the low.<\/li>
- Last week, we said that the odds favor at least slightly higher prices. Traders will see if the bulls can create a follow-through bull bar. If next week trades higher but reverses to close with a bear body instead, the odds of a retest of the September low would increase.<\/li>
- While the move down since June was in a tight bear channel, the candlesticks had a lot of overlapping price action. The bears are not yet as strong as they could have been.<\/li>
- The bears want at least a small second leg sideways to down retesting the September low after a pullback.<\/li>
- They want a reversal lower from a double top bear flag with August 30 or July 29 high.<\/li>
- The bears need a follow-through bear bar next week to increase the odds of re-testing the Sept low.<\/li>
- Bulls want a reversal from a wedge bull flag (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The bulls will need to create consecutive bull bars closing near their highs breaking far above the bear trend line, and the 20-week exponential moving average, to convince traders that the correction may be over.<\/li>
- They failed to get follow-through buying following last week\u2019s big bull bar and Crude Oil closed below the 20-week exponential moving average.<\/li>
- Bulls hope that this week was simply a 50% pullback from the rally off the Sept low, and a breakout pullback above the bear trendline. They want at least a small second leg sideways to up.\u00a0<\/li>
- They want next week to close with a bull body even though it may trade slightly lower first.<\/li>
- The 20-week exponential moving average remains resistance above.<\/li>
- Since this week was a bear bar closing near the low, odds favor next week to trade at least slightly below this week\u2019s low.<\/li>
- Traders will see if the bears can create a follow-through bear bar. If they do, especially if it is strong, it increases the odds of a retest of Sept low.<\/li>
- However, if next week trades lower, but reverses to close with a bull body and a long tail below instead, the odds of a second leg sideways to up would increase.<\/li><\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- Monday opened slightly higher and traded lower for the rest of the week with a pullback on Thursday.<\/li>
- The bulls want a reversal from a wedge pattern (June 22, July 14 and Sept 26) and a lower low major trend reversal.<\/li>
- The 20-week exponential moving average and bear trend line are resistances above.<\/li>
- Last week, the bulls created consecutive bull bars closing near their highs breaking far above the resistances. This was the strongest spike up since the selloff in June.<\/li>
- The bulls see this week simply as a 50% pullback from the Sept low, and want at least a small second leg sideways to up.<\/li>
- If Crude Oil continues to trade lower next week, the bulls want a higher low major trend reversal higher.<\/li>
- While the move down since June was in a tight bear channel, there was a lot of overlapping price action.<\/li>
- That means the bears are not yet as strong as they could have been.<\/li>
- The bears want a 2-legged sideways to down retesting the Sept low after the pullback.<\/li>
- They want a reversal lower from a double-top bear flag with August 30 or July 29 high.<\/li>
- They hope that the first leg down has started this week. They will need to create follow-through selling next week to increase the odds of a re-test of Sept low.<\/li>
- For now, the bulls still have at least a 50% chance of at least a small second leg sideways to up to retest the Oct 7 high.<\/li>
- However, if the bears continue to create consecutive bear bars closing near their lows next week, the odds of a retest of Sept low increases.<\/li><\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n