{"id":176542,"date":"2023-04-23T01:30:00","date_gmt":"2023-04-23T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=176542"},"modified":"2023-04-22T23:29:47","modified_gmt":"2023-04-23T06:29:47","slug":"crude-oil-minor-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-minor-pullback\/","title":{"rendered":"Crude Oil Minor Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p><strong>Crude oil<\/strong> minor pullback formed on the weekly chart, partially closing the gap. The bulls expect at least a small second leg sideways to up after the current pullback. The bears need to create follow-through selling to increase the odds of the start of the bear leg within the trading range.<\/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-PB-to-20-Week-EMA-2nd-Leg-Up.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up-680x383.png\" alt=\"Crude Oil minor pullback to 20-week EMA and possible 2nd Leg Up on weekly chart\" class=\"wp-image-176683\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up.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 bear bar with a small tail below.<\/li>\n\n\n\n<li>Last week, we said that buying at the top of a trading range is not an ideal setup. The 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>This week traded lower and partially closed the gap from 3 weeks ago.<\/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 recent big gap up was also a sign of strength from the bulls. Traders will see if the gap remains open or will the current pullback close the gap.<\/li>\n\n\n\n<li>If the gap remains open, that is another indication of strength from the bulls.<\/li>\n\n\n\n<li>They want a second leg sideways to up to retest April 12 high after the current pullback followed by a breakout above the 16-week trading range.&nbsp;<\/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>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 big bear bar closing near the low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar or will next week trade slightly lower but reverse to close with a bull body or a long tail below.<\/li>\n\n\n\n<li>For now, odds slightly favor at least a small second leg sideways to up after the current pullback.<\/li>\n\n\n\n<li>If next week is another big bear bar closing near its low, it could swing the odds to the start of the bear leg within the 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-PB-HL-MTR-or-Start-of-Bear-Leg.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-PB-HL-MTR-or-Start-of-Bear-Leg-680x383.png\" alt=\"Crude Oil Daily: PB, HL MTR or Start of Bear Leg?\" class=\"wp-image-176686\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-PB-HL-MTR-or-Start-of-Bear-Leg-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-PB-HL-MTR-or-Start-of-Bear-Leg-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-PB-HL-MTR-or-Start-of-Bear-Leg-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-PB-HL-MTR-or-Start-of-Bear-Leg-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Daily-PB-HL-MTR-or-Start-of-Bear-Leg.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 down for the week. Friday traded lower but closed as a bull bar with a prominent tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-follow-through-buying\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week, we said that 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. 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>They want the 20-day exponential moving average to act as a support.<\/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 pullback. This remains true.<\/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 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>This week, they manage to create a tight bear channel down from around the trading range high.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to down closing the April 3 gap.<\/li>\n\n\n\n<li>Since Friday was a bull bar closing above the middle of the range, it is a buy signal bar for Monday.<\/li>\n\n\n\n<li>However, it followed a tight bear channel down. It is not an ideal buy setup.&nbsp;<\/li>\n\n\n\n<li>Buyers will be more comfortable if there is at least a micro double bottom or a strong reversal bar.<\/li>\n\n\n\n<li>The bulls will need to create strong follow-through buying next week to increase the odds of a retest of the April 12 high and a breakout attempt above the trading range.<\/li>\n\n\n\n<li>For now, odds slightly favor a small second leg sideways to up after the current pullback.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong retest of the April 12 high or will the market stall there and reverses lower.<\/li>\n\n\n\n<li>If the bears continue to get consecutive bear bars closing near their lows instead, the odds will swing in favor of the bear leg beginning to retest the March low.<\/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<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 minor pullback formed on the weekly chart, partially closing the gap. The bulls expect at least a small second leg sideways to up after the current pullback. The bears need to create follow-through selling to increase the odds of the start of the bear leg within the trading [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":176683,"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":[325,1395,1347],"class_list":{"0":"post-176542","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-higher-low-major-trend-reversal","11":"tag-pullback","12":"entry","13":"override","14":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/04\/Crude-Oil-Weekly-PB-to-20-Week-EMA-2nd-Leg-Up.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\/176542","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=176542"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/176542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/176683"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=176542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=176542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=176542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}