{"id":167485,"date":"2023-01-02T01:30:00","date_gmt":"2023-01-02T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=167485"},"modified":"2023-01-01T23:03:33","modified_gmt":"2023-01-02T07:03:33","slug":"crude-oil-failed-breakout-below","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-failed-breakout-below\/","title":{"rendered":"Crude Oil Failed Breakout below September Low?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The\u00a0<strong>Crude oil<\/strong>\u00a0futures was a failed breakout below September low. December traded far below Sept low and the bull trend line but reversed to close above it. The bears failed to get a follow-thorough bear bar. Bulls want a reversal higher from a lower low major trend reversal.<\/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\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling-680x383.png\" alt=\"Crude Oil Monthly: Failed Breakout below Sept Low\" class=\"wp-image-167678\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Monthly-Weak-Follow-through-Selling.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The December monthly Crude Oil candlestick was almost a perfect doji with a long tail below. A failed breakout below the September low.<\/li>\n\n\n\n<li>Previously, we said that Crude Oil is in a trading range of around 74 and 94 and is also forming an expanding triangle.&nbsp;<\/li>\n\n\n\n<li>December broke below the major bull trend line and 20-month exponential moving average but reversed to close above it.<\/li>\n\n\n\n<li>The bears got a second leg sideways to down breaking below the September low. However, the breakout failed, and Crude Oil reversed to close above the September low.<\/li>\n\n\n\n<li>They want another attempt to break below the 20-month exponential moving average and the major bull trend line after a pullback (bounce).<\/li>\n\n\n\n<li>The bulls want a reversal higher from a lower low 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 December was a doji bar with a long tail below, it is not a strong sell signal bar for January.&nbsp;<\/li>\n\n\n\n<li>Crude Oil is in a trading range of around 70 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 are supports below.<\/li>\n\n\n\n<li>For now, since the bears were not able to create follow-through selling, odds slightly favor crude oil to trade at least a little higher.<\/li>\n\n\n\n<li>The US Government started buying oil and refilling the SPR (Strategic Petroleum Reserve). (Source:&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/energy\/us-begins-buying-back-oil-strategic-reserve-official-2022-12-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters \u2013 U.S begins buying back oil\u2026<\/a>)&nbsp;<\/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\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT-680x383.png\" alt=\"Crude Oil Weekly: Breakout above Bull inside Bar with FT\" class=\"wp-image-167681\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT.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 bull doji with a long tail below.<\/li>\n\n\n\n<li>Previously, we said that traders will see if the bulls can break above the inside bull doji. If they do, especially if it is a strong breakout closing near its high, the odds of a retest of the 20-week exponential moving average and the bear trend line increase.<\/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 breaking below the September low in December. However, they failed to get follow-through selling.<\/li>\n\n\n\n<li>Bears hope that the last 3 weeks were simply a pullback and want another leg down breaking below December low, completing the wedge pattern (the first two legs being Sept 26 and Dec 12).<\/li>\n\n\n\n<li>They want a strong breakout and 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>For that, the bears will need to create consecutive bear bars closing near their lows to convince traders of lower prices.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the September low and the bull trend line. So far, the breakout below September had no follow-through selling.<\/li>\n\n\n\n<li>They want a reversal higher from a lower low major trend reversal and a micro double bottom (Dec 9 and Dec 12).<\/li>\n\n\n\n<li>The bulls got a breakout above the inside bar and some follow-through buying.<\/li>\n\n\n\n<li>They need to create consecutive bull bars closing near their highs breaking far above the 20-week exponential moving average and the bear trend line to convince traders of a reversal higher.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick was a bull doji with a long tail below, it is a weaker buy signal bar. It is not a good sell signal bar.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to trade at least a little higher towards the 20-week exponential moving average and the bear trend line which are resistances above.<\/li>\n\n\n\n<li>Traders will see if the bulls can continue to create consecutive bull bars or if Crude Oil trades higher but stalls around the resistances above.<\/li>\n\n\n\n<li>The US Government will start buying oil and refilling the SPR (Strategic Petroleum Reserve). (Source:&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/energy\/us-begins-buying-back-oil-strategic-reserve-official-2022-12-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters \u2013 U.S begins buying back oil\u2026<\/a>)&nbsp;<\/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\u00a0Crude oil\u00a0futures was a failed breakout below September low. December traded far below Sept low and the bull trend line but reversed to close above it. The bears failed to get a follow-thorough bear bar. Bulls want a reversal higher from a lower low major trend reversal. Crude oil futures [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":167681,"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":[325,1378],"class_list":{"0":"post-167485","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-failed-breakout","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-Breakout-above-Bull-inside-Bar-with-FT.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\/167485","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=167485"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/167485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/167681"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=167485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=167485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=167485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}