{"id":179210,"date":"2023-05-28T01:30:00","date_gmt":"2023-05-28T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=179210"},"modified":"2023-05-27T22:07:51","modified_gmt":"2023-05-28T05:07:51","slug":"crude-oil-sideways-tr","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-sideways-tr\/","title":{"rendered":"Crude Oil Sideways Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p><strong>Crude Oil<\/strong> sideways trading range formed in the last 3 weeks. The bulls want a reversal from a double bottom (Mar 20 and May 4) and a higher low major trend reversal (May 15).\u00a0The bears want another leg down testing the May 4 low. The market is in a 27-week trading range. Traders will BLSH (Buy Low, Sell High) in trading ranges until there is a strong breakout from either direction with follow-through buying\/selling.<\/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\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low-680x383.png\" alt=\"Crude Oil Sideways Trading Range, HL MTR or Retest Low on Weekly Chart?\" class=\"wp-image-179385\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low.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 doji with prominent tails.<\/li>\n\n\n\n<li>Last week, we said that traders will see if the bears can continue the 6-bar bear micro channel or will the bulls be able to create a follow-through bull bar breaking the minor bear trend line to test near the 20-week exponential moving average.<\/li>\n\n\n\n<li>This week broke above the minor bear trend line and tested near the 20-week exponential moving average but closed below last week\u2019s high.<\/li>\n\n\n\n<li>The prior move down was in a 6-bar bear micro channel. That means strong bears.<\/li>\n\n\n\n<li>The first pullback (bounce) from such a strong bear micro channel often has sellers above.<\/li>\n\n\n\n<li>The bears hope that this week was simply a pullback and want another leg down testing the May 4 low.<\/li>\n\n\n\n<li>The bulls want a reversal from a double bottom (Mar 20 and May 4) and a higher low major trend reversal (May 15).&nbsp;<\/li>\n\n\n\n<li>They hope that the strong selloff from April 12 is simply a sell vacuum test of the trading range low.<\/li>\n\n\n\n<li>Since this week was a bull doji with prominent tails, it is neither a buy nor a sell signal bar.<\/li>\n\n\n\n<li>The bulls will need to create consecutive bull bars breaking far above the 20-week exponential moving average to increase the odds of higher prices.<\/li>\n\n\n\n<li>Buy Vacuum and Sell Vacuum within a trading range can make the range extremes tests appear very strong, but the breakout is more likely to fail.<\/li>\n\n\n\n<li>The market is in a 27-week trading range. The last 3 candlesticks are also mostly overlapping sideways, a tight 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\n\n\n<li>Poor follow-through and reversals are common within a trading range.<\/li>\n\n\n\n<li>For now, odds slightly favor the trading range to continue.<\/li>\n\n\n\n<li>Traders will see if the bulls can create another follow-through bull bar testing the 20-week exponential moving average or will the bears be able to create a retest of the May 4 low.<\/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\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range-680x383.png\" alt=\"Crude Oil Daily: Double Top Bear Flag, Tight Trading Range\" class=\"wp-image-179388\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/05\/Crude-Oil-Daily-Double-Top-Bear-Flag-Tight-Trading-Range.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil was mostly sideways for the week. Thursday reversed down from above the 20-day exponential moving average but there was no follow-through selling on Friday.<\/li>\n\n\n\n<li>Last week, we said that Crude Oil is in a 26-week trading range. 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\n\n\n<li>The bulls hope that the prior selloff is simply a sell vacuum test of the trading range low.<\/li>\n\n\n\n<li>They got a second leg sideways to up from May 15 but have not yet been able to trade far above the 20-day exponential moving average.<\/li>\n\n\n\n<li>They want a reversal up from a higher low major trend reversal (May 15).<\/li>\n\n\n\n<li>At the very least, they hope to get at least another leg up completing the wedge bear flag with the first two legs being May 10 and May 24.<\/li>\n\n\n\n<li>They will need to create consecutive bull bars closing near their highs trading far above the 20-day exponential moving average to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>The bears got a strong bear leg testing the March low. The move down was in a parabolic wedge (Apr 21, Apr 28, and May 4).&nbsp;<\/li>\n\n\n\n<li>It is strong enough for traders to expect at least a small second leg sideways to down. So far, they have not yet been able to resume the leg lower.<\/li>\n\n\n\n<li>They want a retest of the May 4 low followed by a strong breakout below.&nbsp;<\/li>\n\n\n\n<li>They see the pullback in the last 3 weeks simply as forming a double-top bear flag (May 10 and May 24) at the 20-day exponential moving average.<\/li>\n\n\n\n<li>If the bulls fail to break far above the 20-day exponential moving average within the next 1-3 weeks, the odds of a retest of the trading range low increase.<\/li>\n\n\n\n<li>Crude Oil is in a 27-week trading range. The last 3-week formed a tight trading range around the 20-day exponential moving average.<\/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\n\n\n<li>Poor follow-through and reversals are common in trading ranges. Most breakouts from trading ranges fail.<\/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 sideways trading range formed in the last 3 weeks. The bulls want a reversal from a double bottom (Mar 20 and May 4) and a higher low major trend reversal (May 15).\u00a0The bears want another leg down testing the May 4 low. The market is in a 27-week [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":179385,"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-179210","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\/05\/Crude-Oil-Weekly-HL-MTR-or-Retest-Low.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\/179210","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=179210"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/179210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/179385"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=179210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=179210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=179210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}