{"id":175975,"date":"2023-04-16T01:30:00","date_gmt":"2023-04-16T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=175975"},"modified":"2023-04-15T22:33:47","modified_gmt":"2023-04-16T05:33:47","slug":"crude-oil-follow-through-buying","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-follow-through-buying\/","title":{"rendered":"Crude Oil Follow-through Buying"},"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 bulls got follow-through buying this week following last week&#8217;s close above the 20-week exponential moving average. The bulls want a strong breakout above the 16-week trading range. The bears want the market to stall around the trading range high. If there is a breakout above, the bears want a failed breakout within a few weeks.<\/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-Follow-through-Bull-Bar-at-TR-high.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high-680x383.png\" alt=\"Crude Oil Weekly: Follow-through buying at TR high\" class=\"wp-image-176153\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high.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 closing with a small tail above.<\/li>\n\n\n\n<li>Last week, we said that 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>This week was a follow-through bull bar following last week\u2019s close above 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>The move up is in a strong spike (consecutive bull bars closing near their highs) and the bulls hope that the market has switched into Always In Long.<\/li>\n\n\n\n<li>The big gap-up last week was also a sign of strength from the Bulls.<\/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 with sustained 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.<\/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 the March low.&nbsp;<\/li>\n\n\n\n<li>Should the market break above the trading range high, they want a failed breakout above it within a few weeks.<\/li>\n\n\n\n<li>Because of the strong move up, the bears will need a strong sell signal bar or at least a micro double top before they would be willing to sell more aggressively.<\/li>\n\n\n\n<li>Since this week was a bull bar closing near its high, it is a weak sell signal bar for next week. It is a buy signal bar for next week.<\/li>\n\n\n\n<li>However, the buy signal bar is at the 16-week trading range high. Buying at the top of a trading range is not an ideal setup.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to still be in the sideways to up phase and for a second leg sideways to up after a moderate 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 trade slightly higher but stall there.<\/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-Follow-through-testing-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-Follow-through-testing-Trading-Range-High-680x383.png\" alt=\"Crude Oil Daily: Follow-through testing Trading Range High\" class=\"wp-image-176156\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Follow-through-testing-Trading-Range-High-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Follow-through-testing-Trading-Range-High-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Follow-through-testing-Trading-Range-High-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Follow-through-testing-Trading-Range-High-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-Follow-through-testing-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 traded sideways to up for the week with a small pullback on Thursday and Friday.<\/li>\n\n\n\n<li>Last week, we said that <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-gap-up\/\" target=\"_blank\" rel=\"noreferrer noopener\">odds slightly favor Crude Oil<\/a> 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>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 (in March) 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>Previously, the bears got a breakout trading far below the triangle and 16-week trading range low and expecting at least a small second leg sideways to down retesting March 20 low after a pullback.<\/li>\n\n\n\n<li>Instead, Crude Oil traded higher in a tight bull channel with bull bars closing near their highs and bear bars that had no follow-through selling.<\/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 that, they will need to create consecutive bear bars closing near their lows.<\/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 The Crude oil futures bulls got follow-through buying this week following last week&#8217;s close above the 20-week exponential moving average. The bulls want a strong breakout above the 16-week trading range. The bears want the market to stall around the trading range high. If there is a breakout above, the [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":176153,"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":[1883,325],"class_list":{"0":"post-175975","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crude-oil","8":"category-analysis","9":"tag-bull-follow-through","10":"tag-crude-oil-futures","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-Follow-through-Bull-Bar-at-TR-high.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\/175975","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=175975"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/175975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/176153"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=175975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=175975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=175975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}