{"id":170215,"date":"2023-02-12T01:30:00","date_gmt":"2023-02-12T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=170215"},"modified":"2023-02-11T22:54:21","modified_gmt":"2023-02-12T06:54:21","slug":"crude-oil-12-week-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-12-week-trading-range\/","title":{"rendered":"Crude Oil 12-Week Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The <strong>Crude oil<\/strong> futures is in a 12-week trading range on the weekly chart. Poor follow-through and reversals are more likely within a trading range. Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction. Markets have inertia and tend to continue to do what they have been doing. 80% of breakouts from trading ranges fail.<\/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\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR-680x383.png\" alt=\"Crude Oil Weekly: Double Bottom Bull Flag, 12-Week Trading Range\" class=\"wp-image-170378\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR.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 bull bar closing near the high.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor Crude Oil to trade at least a little lower, possibly testing near the 11-week trading range low. Poor follow-through and reversals are more likely within a trading range.<\/li>\n\n\n\n<li>This week traded slightly lower but reversed into a big bull bar, erasing last week\u2019s selloff.<\/li>\n\n\n\n<li>The bears got a reversal down from a double top bear flag (Dec 1 and Jan 18) but failed to get follow-through selling this week.<\/li>\n\n\n\n<li>The bears want another leg down breaking below the December low and completing the wedge pattern (the first two legs being Sept 26 and Dec 9).<\/li>\n\n\n\n<li>If Crude Oil trades higher, they want a reversal lower from a wedge bear flag with the first 2 legs being January 3 and January 18 around the 20-week exponential moving average.<\/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>They hope that this week was a reversal higher from a double bottom bull flag (Jan 5 and Feb 6).<\/li>\n\n\n\n<li>The bulls need to break far above the bear trend line, the 12-week trading range high and the 20-week exponential moving average to increase the odds of higher prices.<\/li>\n\n\n\n<li>Since this week was a bull bar closing its high, it is a good buy signal bar for next week.&nbsp;<\/li>\n\n\n\n<li>However, Crude Oil is trading just under the 12-week trading range high, bear trend line and 20-week exponential moving average. It is not an ideal buy setup.<\/li>\n\n\n\n<li>The last 12 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. Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction. <\/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\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR-680x383.png\" alt=\"Crude Oil Daily: DB Bull Flag, HL MTR, but TR\" class=\"wp-image-170381\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Daily-DB-Bull-Flag-HL-MTR-but-TR.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 lower on Monday but reversed into a bull bar. The market then traded sideways to up for the rest of the week.<\/li>\n\n\n\n<li>Previously, we said if the bears get follow-through selling, it could be the start of the bear leg to test the 10-week trading range low.<\/li>\n\n\n\n<li>Last week, Crude Oil retested near the trading range low and reversed higher this week.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the September \u2013 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), a double bottom bull flag (Jan 5 and Feb 6) and a higher low major trend reversal.<\/li>\n\n\n\n<li>Crude Oil is in a 12-week trading range. Until the bulls can break far above the top of the trading range and the bear trend line, the current move up could simply be a bull leg within a trading range.<\/li>\n\n\n\n<li>The bears got a reversal lower from a double top bear flag (Jan 3 and Jan 18) and a small double top (Jan 18 and Jan 27).<\/li>\n\n\n\n<li>This week, they were not able to get follow-through selling below the January 5 low.<\/li>\n\n\n\n<li>They hope that the current pullback (bounce) will stall around January high and form a wedge bear flag with the first two legs being January 3 and January 18.<\/li>\n\n\n\n<li>They want a retest and 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>For now, Crude Oil should continue to trade sideways, forming bull legs followed by bear legs.&nbsp;<\/li>\n\n\n\n<li>Markets have inertia and tend to continue to do what they have been doing. 80% of breakouts from trading range fail.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction.<\/li>\n\n\n\n<li>Poor follow-through and reversals are more likely within a trading range.<\/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 Crude oil futures is in a 12-week trading range on the weekly chart. Poor follow-through and reversals are more likely within a trading range. Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction. Markets have inertia and tend to continue to do what [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":170378,"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":[325,84],"class_list":{"0":"post-170215","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-range","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/02\/Crude-Oil-Weekly-Double-Bottom-Bull-Flag-12-Week-TR.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\/170215","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=170215"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/170215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/170378"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=170215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=170215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=170215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}