{"id":175370,"date":"2023-04-09T01:30:00","date_gmt":"2023-04-09T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=175370"},"modified":"2023-04-08T23:52:34","modified_gmt":"2023-04-09T06:52:34","slug":"crude-oil-gap-up","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-gap-up\/","title":{"rendered":"Crude Oil Gap Up Bull Doji"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p><strong>Crude oil<\/strong> gap up above the 20-week exponential moving average on the weekly chart and formed a bull doji. The bulls need to create a strong breakout above the trading range high with follow-through buying to increase the odds of a reversal up. The bears want the market to stall around the trading range high.<\/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\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA-680x383.png\" alt=\"Crude Oil Gap Up &amp; Close above 20-Week EMA on Weekly Chart\" class=\"wp-image-175557\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA.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\u00a0<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a>\u00a0was a bull doji after gapping above the 20-week exponential moving average.<\/li>\n\n\n\n<li>Last week, we said that odds slightly favor Crude Oil to trade at least a little higher, likely retesting the 20-week exponential moving average.<\/li>\n\n\n\n<li>The bulls want a failed breakout below the 16-week trading range. They hope that the tight trading range is the final flag of the move down.<\/li>\n\n\n\n<li>They got a reversal up from a lower low major trend reversal and a wedge bottom (Sept 26, Dec 9, and Mar 20).&nbsp;<\/li>\n\n\n\n<li>They want a breakout above the 16-week trading range and a retest of November and June highs.<\/li>\n\n\n\n<li>For that, the bulls will need to create a strong breakout above the 16-week trading range high with follow-through buying to increase the odds of a reversal higher.<\/li>\n\n\n\n<li>If Crude Oil trades lower, they want a reversal up from a higher low major trend reversal (Mar 20).<\/li>\n\n\n\n<li>The bears got a breakout below the triangle and 16-week trading range but did not get follow-through selling.<\/li>\n\n\n\n<li>They hope that the current deep pullback will form another lower high (against the November high).&nbsp;<\/li>\n\n\n\n<li>They want the market to stall around the trading range high and retest of March low.<\/li>\n\n\n\n<li>Since this week was a small bull doji, it is a buy signal bar for next week,<\/li>\n\n\n\n<li>The big gap-up is also a sign of strength from the bulls.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to trade at least a little higher and at least a small second leg sideways to up after a small pullback.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar following this week\u2019s close above the 20-week exponential moving average, or will the Crude Oil trade slightly higher but stall around the trading range high.<\/li>\n\n\n\n<li>There are a lot of overlapping price action since November. That means the market is in a trading range.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) in trading ranges until there is a strong breakout from either direction with follow-through buying\/selling.<\/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\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High-680x383.png\" alt=\"Crude Oil Daily: Gap up Test near Trading Range High\" class=\"wp-image-175560\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Gap-up-Test-near-Trading-Range-High.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil gapped up on Monday followed by sideways trading.<\/li>\n\n\n\n<li>Previously, <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-failed-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">we said that odds slightly favor Crude Oil<\/a> to still be in the sideways to up pullback phase and for at least a small second leg sideways to down after this pullback (bounce) is over.<\/li>\n\n\n\n<li>This week, the market traded sideways to up with a big gap up.<\/li>\n\n\n\n<li>The bulls hope that the market has flipped into Always In Long.<\/li>\n\n\n\n<li>They 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.<\/li>\n\n\n\n<li>They got a reversal up from a lower low major trend reversal and a wedge bottom (Sept 26, Dec 9 and Mar 20).<\/li>\n\n\n\n<li>The bulls will need to break far above the trading range high with follow-through buying to convince traders that a reversal up may be underway.<\/li>\n\n\n\n<li>The move up from the March 20 low is strong enough for the bulls to expect at least a small second leg sideways to up after a small pullback.<\/li>\n\n\n\n<li>Recently, the bears got a breakout trading far below the triangle and 16-week trading range low with some follow-through selling.<\/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>Instead, Crude Oil traded higher in a tight bull channel with bull bars closing near their highs.<\/li>\n\n\n\n<li>The bears hope that the rally is simply a buy vacuum test of the trading range high.<\/li>\n\n\n\n<li>They want the market to stall around the trading range high and reverse lower.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to trade at least a little higher and a small second leg sideways to up after a small pullback.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong breakout above the trading range high or will the market stall there and reverses lower.<\/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 gap up above the 20-week exponential moving average on the weekly chart and formed a bull doji. The bulls need to create a strong breakout above the trading range high with follow-through buying to increase the odds of a reversal up. The bears want the market to stall [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":175557,"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":[325,133,84],"class_list":{"0":"post-175370","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-gap-up","11":"tag-trading-range","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Close-above-20-Week-EMA.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\/175370","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=175370"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/175370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/175557"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=175370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=175370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=175370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}