{"id":167930,"date":"2023-01-08T01:30:00","date_gmt":"2023-01-08T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=167930"},"modified":"2023-01-08T01:29:01","modified_gmt":"2023-01-08T09:29:01","slug":"crude-oil-third-leg-down","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-third-leg-down\/","title":{"rendered":"Crude Oil Third Leg Down?"},"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 traded lower and traders are wondering if it is forming a third leg down with the first two legs being Sept 26 and Dec 9. The bulls want a reversal higher from a double bottom with the December low. Crude Oil could be forming a trending trading range lower.&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>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-2nd-Leg-Retest-Low-or-3rd-Leg-Down-680x383.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down-680x383.png\" alt=\"Crude Oil Weekly: 2nd Leg Retest Low or third leg down?\" class=\"wp-image-168086\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down.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 bear bar closing near the low.<\/li>\n\n\n\n<li>Last week, we said that 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>The bears got a reversal lower from a double top bear flag (October 10 and November 7) breaking below the September low in December. However, they failed to get follow-through selling.<\/li>\n\n\n\n<li>Bears want another leg down breaking below the December low, completing the wedge pattern (the first two legs being Sept 26 and Dec 9).<\/li>\n\n\n\n<li>They need to create follow-through selling next week to increase the odds of a breakout below the December low.<\/li>\n\n\n\n<li>The bears 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>The bulls want a failed breakout below the September low and the bull trend line.&nbsp;<\/li>\n\n\n\n<li>However, the recent pullback (bounce) stalled just under the 20-week exponential moving average.<\/li>\n\n\n\n<li>They hope that this week was simply a deep pullback and want another leg higher to retest December 27 high from a higher low major trend reversal.<\/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 was a big outside bear bar closing near the low, it is a good sell signal bar for next week.<\/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 can create a follow-through bear bar or if next week trades lower first but reversed to close with a bull body.<\/li>\n\n\n\n<li>The last 7 candlesticks are overlapping sideways. That means Crude Oil is in a small trading range.&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction from this small trading range.<\/li>\n\n\n\n<li>Crude Oil could be forming a trending trading range.<\/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\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-MTR-680x383.png\" alt=\"Crude Oil Daily: Retest Low, 3rd Leg Down or DB MTR?\" class=\"wp-image-168089\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Daily-Retest-Low-3rd-Leg-Down-or-DB-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 closed as an outside bear bar on Tuesday with follow-through selling. Thursday and Friday were weak pullbacks.<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag (Dec 1 and Dec 27) and a small double top (Dec 27 and Jan 3).<\/li>\n\n\n\n<li>They see Thursday and Friday simply as weak pullbacks and want another sideways to down leg retesting December low.<\/li>\n\n\n\n<li>They want a breakout below the December low forming the wedge pattern with the first two legs being September 26 and December 9.<\/li>\n\n\n\n<li>The bears hope to get a measured move down to around $56 using the height of the September to November trading range.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the September &#8211; November trading range and the major bull trend line.<\/li>\n\n\n\n<li>They want a reversal higher from a wedge bottom (July 14, Sept 26 and Dec 9) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They see the move down this week simply as a retest of the December low.<\/li>\n\n\n\n<li>If Crude Oil trades lower next week, they want a reversal higher from a double bottom with December 9 low.<\/li>\n\n\n\n<li>The bulls will need to create consecutive bull bars closing near their highs, trading far above the bear trend line and the 20-day exponential moving average, to increase the odds of higher prices.<\/li>\n\n\n\n<li>Crude Oil formed another small trading range in the last 7 weeks. It could be forming a trending trading range.<\/li>\n\n\n\n<li>Since the pullbacks on Thursday and Friday were weak as compared to the move down from January 3, odds slightly favor Crude oil to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can create a strong retest of the December 9 low followed by a breakout, or if next week trades lower first but stalls around the December 9 low and reverses higher.<\/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 traded lower and traders are wondering if it is forming a third leg down with the first two legs being Sept 26 and Dec 9. The bulls want a reversal higher from a double bottom with the December low. Crude Oil could be forming a trending trading range [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":168086,"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":[325,143],"class_list":{"0":"post-167930","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-trading-channels","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/01\/Crude-Oil-Weekly-2nd-Leg-Retest-Low-or-3rd-Leg-Down.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\/167930","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=167930"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/167930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/168086"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=167930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=167930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=167930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}