{"id":166238,"date":"2022-12-11T01:30:00","date_gmt":"2022-12-11T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=166238"},"modified":"2022-12-10T22:46:44","modified_gmt":"2022-12-11T06:46:44","slug":"crude-oil-breakout-below-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-breakout-below-trading-range\/","title":{"rendered":"Crude Oil Breakout below Trading Range and Bull Trend Line"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p><strong>Crude oil<\/strong>\u00a0futures weekly candlestick was a breakout below trading range and the bull trend line closing near its low. The bears want a measured move down using the height of the September to November trading range which will take them to around $56. The bulls want a failed breakout below the September low and the bull trend line. They want a reversal higher from a lower low major trend reversal.\u00a0<\/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\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line-680x383.png\" alt=\"Crude Oil Weekly: Breakout below Trading Range\" class=\"wp-image-166433\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line.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 a big bear bar breaking below the September low and the major bull trend line.<\/li>\n\n\n\n<li>Last week, we said that 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>The bears got a reversal lower from a double top bear flag (October 10 and November 7).<\/li>\n\n\n\n<li>They then got the second leg sideways to down retesting November 28 low and a breakout following last week\u2019s pullback.<\/li>\n\n\n\n<li>The bears want a measured move down using the height of the September to November trading range which will take them to around $56.<\/li>\n\n\n\n<li>They need to create a consecutive bear bar next week to confirm the breakout below the trading range and the bull trend line.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the September low and the bull trend line. They want a reversal higher from a lower low major trend reversal.<\/li>\n\n\n\n<li>They want next week to close with a bull body even though Crude Oil may trade slightly lower first.<\/li>\n\n\n\n<li>Since this week was a big bear bar closing near the low, it is a good sell signal bar for next week. It is a weak buy signal bar.<\/li>\n\n\n\n<li>Odds slightly favor Crude Oil to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears get follow-through selling or if next week trades lower first, but reverse to close with a bull body with a long tail below.<\/li>\n\n\n\n<li>If the bears get a follow-through bear bar especially if it is strong, the odds of a successful breakout increase.<\/li>\n\n\n\n<li>The US Government plans to refill the SPR (Strategic Petroleum Reserve) 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<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\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR-680x383.png\" alt=\"Crude Oil Daily: 2nd Leg Down, BO below TL, LL MTR?\" class=\"wp-image-166436\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/12\/Crude-Oil-Daily-2nd-Leg-Down-BO-below-TL-LL-MTR.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil traded slightly higher on Monday but reversed into a big outside bear bar. It then traded lower for the rest of the week.<\/li>\n\n\n\n<li>It broke below the September low and the bull trend line with follow-through selling.&nbsp;<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag with October 7 high.<\/li>\n\n\n\n<li>This week, the bears got the second leg sideways to down breaking far below the major bull trend line and September low.&nbsp;<\/li>\n\n\n\n<li>The bears got 6 consecutive bear bars since December 1. That means strong bears.<\/li>\n\n\n\n<li>That increases the odds of at least a small second leg sideways to down after a pullback.<\/li>\n\n\n\n<li>Bears want a measured move down based on the height of the trading range which will take them to around $56.<\/li>\n\n\n\n<li>The bulls want a failed breakout below trading range and the major bull trend line.<\/li>\n\n\n\n<li>They want a reversal higher from a lower low major trend reversal and a wedge bottom (Nov 18, Nov 25 and Dec 9).<\/li>\n\n\n\n<li>Because of the tight bear channel down, the bulls will need a strong bull reversal bar or at least a micro double bottom before they would be willing to buy aggressively.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to trade at least a little lower.&nbsp;<\/li>\n\n\n\n<li>If there is a small pullback (bounce), odds favor at least a small second leg sideways to down after the pullback.<\/li>\n\n\n\n<li>The US Government plans to refill the SPR (Strategic Petroleum Reserve) 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 Crude oil\u00a0futures weekly candlestick was a breakout below trading range and the bull trend line closing near its low. The bears want a measured move down using the height of the September to November trading range which will take them to around $56. The bulls want a failed breakout below [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":166433,"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-166238","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\/2022\/12\/Crude-Oil-Weekly-Breakout-below-Sept-Low-Trend-Line.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\/166238","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=166238"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/166238\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/166433"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=166238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=166238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=166238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}