{"id":174292,"date":"2023-03-26T01:30:00","date_gmt":"2023-03-26T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=174292"},"modified":"2023-03-26T02:20:19","modified_gmt":"2023-03-26T09:20:19","slug":"crude-oil-failed-bear-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-failed-bear-breakout\/","title":{"rendered":"Crude Oil Failed Bear Breakout"},"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 traded slightly lower but had no follow-through selling on the weekly chart, a Crude Oil failed bear breakout. The bears hope that the move is simply a breakout test of the 16-week trading range low (breakout point) and wants at least a small second leg sideways to down retesting March 20 low. The bulls want a failed breakout below the 16-week trading range and hope that the tight trading range is the final flag of the move down.<\/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\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-TR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-TR-680x383.png\" alt=\"Crude Oil Failed Bear Breakout on Weekly: No Follow-through Selling, Failed BO or Trending TR?\" class=\"wp-image-174496\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-TR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-TR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-TR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-TR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-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 bull bar with prominent tails above and below.<\/li>\n\n\n\n<li>Last week, we said that <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-strong-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">odds slightly favor the Crude Oil to trade at least a little lower<\/a> and traders will see if the bears continue to get follow-through selling or will next week trades slightly lower but stalls and close with a bull body or a long tail below.<\/li>\n\n\n\n<li>This week traded slightly lower but stalled and closed with a bull body.<\/li>\n\n\n\n<li>Recently, the bears got a breakout below the 16-week trading range from a Low 4 sell setup.<\/li>\n\n\n\n<li>However, they did not get follow-through selling this week.<\/li>\n\n\n\n<li>The bears hope that this week was simply a breakout test of the 16-week trading range low (breakout point) and wants at least a small second leg sideways to down retesting March 20 low.<\/li>\n\n\n\n<li>They will need to create strong follow-through selling to increase the odds of a measured move down to around 57 using the height of the 16-week trading range.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 16-week trading range.<\/li>\n\n\n\n<li>They hope that the tight trading range is the final flag of the move down.<\/li>\n\n\n\n<li>They broke the bear trend line by trading sideways.<\/li>\n\n\n\n<li>They want a reversal back into the middle of the trading range from a lower low major trend reversal and a wedge pattern (Sept 26, Dec 9 and Mar 20).&nbsp;<\/li>\n\n\n\n<li>Because of the strong selloff, the bulls will need at least a strong reversal bar or a micro double bottom before they would be willing to buy more aggressively.<\/li>\n\n\n\n<li>Since this week was a bull bar with a prominent tail above, it is a buy signal bar for next week albeit slightly weaker.<\/li>\n\n\n\n<li>The bulls will need to create a strong follow-through bull bar to increase the odds of a failed breakout below the 16-week trading range.<\/li>\n\n\n\n<li>Crude Oil could be forming a trending trading range.<\/li>\n\n\n\n<li>Reversals and poor follow-through are hallmarks of trading range activities.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong follow-through bull bar, or will next week continue the move lower.<\/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\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out-680x383.png\" alt=\"Crude Oil Daily: Pullback or Failed Break Out?\" class=\"wp-image-174499\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Daily-Pullback-or-Failed-Break-Out.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 lower on Monday but reversed into a bull bar closing near its high. The market then traded higher with a pullback on Friday.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor the Crude Oil to get at least a small second leg sideways to down following any pullback (bounce).<\/li>\n\n\n\n<li>Recently, the bears got a reversal lower from a double top bear flag (Feb 13 and Mar 7).<\/li>\n\n\n\n<li>They then got follow-through selling breaking far below the triangle and 16-week trading range low with follow-through selling.<\/li>\n\n\n\n<li>They want a measured move down using the height of the 16-week trading range which will take them to around 57.<\/li>\n\n\n\n<li>If Crude Oil trades higher, they want the market to stall around the trading range low or the 20-day exponential moving average.&nbsp;<\/li>\n\n\n\n<li>They want at least a small second leg sideways to down, retesting March 20 low.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 16-week trading range.<\/li>\n\n\n\n<li>They broke the bear trend line by trading sideways.<\/li>\n\n\n\n<li>They hope that the 16-week trading range will be the final flag of the move down and want a reversal up from a wedge bottom (Sept 26, Dec 9 and Mar 20).<\/li>\n\n\n\n<li>They see Friday simply as a pullback and want at least another small second leg sideways to up.<\/li>\n\n\n\n<li>Since Friday was a doji with a long tail below, it is a weak sell signal bar.<\/li>\n\n\n\n<li>Odds slightly favor Crude Oil to still be in the sideways to up pullback phase early next week.<\/li>\n\n\n\n<li>Crude Oil could be forming a trending trading range.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) of trading ranges.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to get at least a small second leg sideways to down after this pullback (bounce) is over.<\/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 traded slightly lower but had no follow-through selling on the weekly chart, a Crude Oil failed bear breakout. The bears hope that the move is simply a breakout test of the 16-week trading range low (breakout point) and wants at least a small second leg sideways [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":174496,"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":[325,1378,1455],"class_list":{"0":"post-174292","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":"tag-weak-follow-through","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/03\/Crude-Oil-Weekly-No-FT-Selling-Failed-BO-or-Trending-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\/174292","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=174292"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/174292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/174496"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=174292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=174292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=174292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}