{"id":180452,"date":"2023-06-11T01:30:00","date_gmt":"2023-06-11T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=180452"},"modified":"2023-06-11T02:29:51","modified_gmt":"2023-06-11T09:29:51","slug":"crude-oil-tight-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-tight-trading-range\/","title":{"rendered":"Crude Oil Tight Trading Range"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The&nbsp;<strong>Crude oil<\/strong>&nbsp;futures formed a tight trading range in the last 5 weeks. The bears want a retest of the May 4 low. They will need to create a follow-through bear bar next week. The bulls want a reversal from a higher low major trend reversal. Poor follow-through and reversals are more common within a 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\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range-680x383.png\" alt=\"Crude Oil Weekly: 5-Week Tight Trading Range\" class=\"wp-image-180641\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-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>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 the bulls need to create follow-through buying to increase the odds of the bull leg within the trading range beginning.<\/li>\n\n\n\n<li>Monday gapped higher, but the bulls were not able to create sustained follow-through buying.<\/li>\n\n\n\n<li>The prior move down to March 5 low was in a 6-bar bear microchannel. That means strong bears.<\/li>\n\n\n\n<li>Last week, the bears got another leg down testing the May 4 low but did not get sustained follow-through selling.<\/li>\n\n\n\n<li>They hope to get a retest of the May 4 low from a double-top bear flag (May 4 and Jun 5)<\/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 31).&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 and that the last two weeks were simply a weak two-legged retest of the May low.<\/li>\n\n\n\n<li>They will need to create consecutive bull bars trading far above the 20-week exponential moving average and the bear trend line to increase the odds of higher prices.<\/li>\n\n\n\n<li>Since this week was a bull bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>The bears will need to create follow-through selling next week to increase the odds of a retest of the May low.<\/li>\n\n\n\n<li>However, the market is in a 29-week trading range. The last 5 weeks formed a tight trading range.&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are more common within 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\/06\/Crude-Oil-Daily-Wedge-Bear-Flag-Tight-Trading-Range.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Wedge-Bear-Flag-Tight-Trading-Range-680x383.png\" alt=\"Crude Oil Daily: Wedge Bear Flag, Tight Trading Range\" class=\"wp-image-180644\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Wedge-Bear-Flag-Tight-Trading-Range-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Wedge-Bear-Flag-Tight-Trading-Range-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Wedge-Bear-Flag-Tight-Trading-Range-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Wedge-Bear-Flag-Tight-Trading-Range-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Wedge-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>The Crude Oil gapped higher on Monday but reversed to close as a big bear bar. The market was trading sideways to down for the rest of the week. Friday was an inside bear bar closing near its low.<\/li>\n\n\n\n<li>Previously, we said that if the bulls fail to break far above the 20-day exponential moving average within a couple of weeks, the odds of a retest of the trading range low increase.<\/li>\n\n\n\n<li>Crude oil formed a retest of the trading range low at the end of May but fell short and then reversed back higher.<\/li>\n\n\n\n<li>The bulls hope that this week was the (weaker) second leg sideways to down following the reversal from May 24 high.<\/li>\n\n\n\n<li>They want a strong reversal breaking far above the 5-week tight trading range and trading far above the 20-day exponential moving average.<\/li>\n\n\n\n<li>For that, they will need to create consecutive bull bars closing near their highs to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>If the market trades lower, the bulls hope that the current tight trading range (the last 5 weeks) is the final flag of the move down and want a reversal up from around the trading range low.<\/li>\n\n\n\n<li>The bears got a second leg sideways to down (May 31) but fell short of the trading range low.<\/li>\n\n\n\n<li>They then got another leg down following this week\u2019s big gap-up on Monday, but the leg is weak with overlapping bars and doji(s) with long tails.<\/li>\n\n\n\n<li>They hope to get a retest of the trading range low from a wedge bear flag (May 10, May 24, and June 5).&nbsp;<\/li>\n\n\n\n<li>Since Friday was an inside bear bar, the market is in breakout mode. Because it is a bear bar closing near its low, odds slightly favor the market to trade at least a little below it.<\/li>\n\n\n\n<li>The first breakout from an inside bar can fail 50% of the time.<\/li>\n\n\n\n<li>Crude Oil has been trading within a tight trading range in the last 5 weeks.<\/li>\n\n\n\n<li>Poor follow-through and reversals are common in trading ranges.&nbsp;<\/li>\n\n\n\n<li>Crude Oil is also in a larger 29-week trading range. Most breakouts from trading ranges fail.<\/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 The&nbsp;Crude oil&nbsp;futures formed a tight trading range in the last 5 weeks. The bears want a retest of the May 4 low. They will need to create a follow-through bear bar next week. The bulls want a reversal from a higher low major trend reversal. Poor follow-through and reversals are [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":180641,"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":[325,291],"class_list":{"0":"post-180452","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-tight-trading-range","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-5-Week-Tight-Trading-Range.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\/180452","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=180452"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/180452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/180641"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=180452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=180452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=180452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}