{"id":165765,"date":"2022-12-04T01:30:00","date_gmt":"2022-12-04T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=165765"},"modified":"2022-12-09T12:32:58","modified_gmt":"2022-12-09T20:32:58","slug":"crude-oil-outside-bear-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-outside-bear-bar\/","title":{"rendered":"Crude Oil Outside Bear Bar, Lower Low Major Trend Reversal on Monthly"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The&nbsp;<strong>Crude Oil<\/strong>&nbsp;futures November candlestick was a Crude Oil outside bear bar with tails above and below. Bulls want a reversal higher from a lower low major trend reversal. The bears want a strong breakout below the 20-month exponential moving average and the major bull trend line with follow-through selling.&nbsp;<\/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>Monthly<\/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\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below-680x383.png\" alt=\"Crude Oil Outside Bear Bar but Long Tail Below on Monthly Chart\" class=\"wp-image-165914\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The November monthly Crude Oil candlestick was an outside bear bar with long tails above and below.<\/li>\n\n\n\n<li>Last month, we said that the odds slightly favor sideways to up in the first half of November. Traders will see if the bulls get a consecutive bull bar, or if Crude Oil trades higher first, but reverses to close with a bear body or has a prominent tail above.<\/li>\n\n\n\n<li>The bears wanted a second leg sideways to down retesting the September low. The target for the bears is the 20-month exponential moving average. The bears got what they wanted.<\/li>\n\n\n\n<li>However, the November candlestick closed above last month\u2019s low and has a long tail below. The bears are not as strong as they would like to be.<\/li>\n\n\n\n<li>The bears want a strong breakout below the 20-month exponential moving average and the major bull trend line with follow-through selling.<\/li>\n\n\n\n<li>The bulls hope October was a 1 bar final flag.<\/li>\n\n\n\n<li>They want a reversal higher from a lower low double bottom major trend reversal.<\/li>\n\n\n\n<li>They see the move down since June simply as a deep pullback following the buy climax and want a retest of the June high.<\/li>\n\n\n\n<li>Since November has a bear body, it is not a strong buy signal bar for December. The long tail below makes it a weaker sell signal bar.<\/li>\n\n\n\n<li>The bar after an outside bar often is an inside bar or has a lot of overlapping price action.<\/li>\n\n\n\n<li>Crude Oil is in a trading range of around 74 and 94 and is also forming an expanding triangle.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction.<\/li>\n\n\n\n<li>The major bull trend line and 20-month exponential moving average remain as supports below.<\/li>\n\n\n\n<li>The US Government plans to refill the SPR (Strategic Petroleum Reserve) at some point around $67-72 which will likely provide a floor on price and prevent a sharp crash. (Source:&nbsp;<a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/oil\/101922-us-to-complete-180-million-barrel-spr-drawdown-lay-out-plan-to-replenish-oil-reserve\" target=\"_blank\" rel=\"noreferrer noopener\">US to complete 180 million barrel drawdown\u2026<\/a>)<\/li>\n<\/ul>\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\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar-680x383.png\" alt=\"Crude Oil Weekly: LL MTR Setup, outside Bull bar\" class=\"wp-image-165917\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-LL-MTR-Setup-outside-Bull-bar.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This week\u2019s candlestick on the&nbsp;<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a>&nbsp;was an outside bull bar closing above the middle of the bar.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor Crude Oil to trade at least a little lower. Traders will see if the bears can create follow-through selling following the breakout below the major bull trend line, or if it trades lower but reverses into a bull bar.<\/li>\n\n\n\n<li>This week traded below last week and September low but reversed into a bull bar.&nbsp;<\/li>\n\n\n\n<li>The bulls hope that the current move down is simply a retest of the September low after breaking the bear trend line, and want a reversal higher from a lower low double bottom major trend reversal.<\/li>\n\n\n\n<li>They need to create follow-through buying next week to increase the odds of higher prices.&nbsp;<\/li>\n\n\n\n<li>While the bulls got a reversal bar this week, the prominent tail above indicates they are not as strong as they would like to be.&nbsp;<\/li>\n\n\n\n<li>The next target for the bulls is the 20-week exponential moving average.<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag (October 10 and November 7).<\/li>\n\n\n\n<li>They wanted a retest of the September low and got it this week.<\/li>\n\n\n\n<li>However, they failed to get follow-through selling after breaking below the major bull trend line.<\/li>\n\n\n\n<li>They hope that this week was simply a pullback and want at least a small second leg sideways to down retesting November 28 low.<\/li>\n\n\n\n<li>The bears need to create consecutive bear bars closing far below the bull trend line and September low to increase the odds of lower prices.<\/li>\n\n\n\n<li>Since this week was a bull bar, it is a buy signal bar for next week. The prominent tail above makes it a weaker buy signal bar.<\/li>\n\n\n\n<li>Crude Oil is in a trading range of around 74 and 94. Traders will BLSH (Buy Low, Sell High) until there is a strong breakout from either direction.<\/li>\n\n\n\n<li>If the bulls get a follow-through bull bar next week, the odds of a retest of the trading range high increase.<\/li>\n\n\n\n<li>The US Government plans to refill the SPR (Strategic Petroleum Reserve) at some point around $67-72 which will likely provide a floor on price at some point and prevent a catastrophic sharp crash. (Source:&nbsp;<a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/oil\/101922-us-to-complete-180-million-barrel-spr-drawdown-lay-out-plan-to-replenish-oil-reserve\" target=\"_blank\" rel=\"noreferrer noopener\">US to complete 180 million barrel drawdown\u2026<\/a>)<\/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&nbsp;Crude Oil&nbsp;futures November candlestick was a Crude Oil outside bear bar with tails above and below. Bulls want a reversal higher from a lower low major trend reversal. The bears want a strong breakout below the 20-month exponential moving average and the major bull trend line with follow-through selling.&nbsp; Crude [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":165914,"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":[325,1390],"class_list":{"0":"post-165765","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":"tag-outside-bar","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Monthly-Outside-Bear-Bar-but-Long-Tail-Below.png","author_info":{"display_name":"Andrew","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/andrewa\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/165765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/2836"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=165765"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/165765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/165914"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=165765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=165765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=165765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}