{"id":181698,"date":"2023-06-25T01:30:00","date_gmt":"2023-06-25T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=181698"},"modified":"2023-06-24T09:41:15","modified_gmt":"2023-06-24T16:41:15","slug":"crude-oil-tight-trading-range-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-tight-trading-range-2\/","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 <strong>Crude oil<\/strong> futures formed a 7-week tight trading range. The bulls did not get sustained follow-through buying this week and the weekly candlestick reversed into a bear bar. The bears will need to create follow-through selling next week to increase the odds of retesting the May 4 low.<\/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-Tight-Trading-Range-Poor-Follow-Through.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through-680x383.png\" alt=\"Crude Oil Weekly: Tight Trading Range, Poor Follow-Through\" class=\"wp-image-181876\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through.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 prominent tails above and below.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor the Crude Oil to trade at least a little higher. Poor follow-through and reversals are common within a trading range.<\/li>\n\n\n\n<li>This week traded higher but reversed to close as a bear bar.<\/li>\n\n\n\n<li>The lack of sustained follow-through buying indicates that the bulls are not yet strong.<\/li>\n\n\n\n<li>The bulls want a reversal from a higher low major trend reversal (June 12) and a micro wedge (May 31, Jun 12, and June 23).<\/li>\n\n\n\n<li>They want a retest of the 20-week exponential moving average, the bear trend line, and the April high.&nbsp;<\/li>\n\n\n\n<li>The bulls will need to create consecutive bull bars closing near their highs to increase the odds of higher prices.<\/li>\n\n\n\n<li>The bears want a retest of the May 4 low followed by a breakout below.<\/li>\n\n\n\n<li>They will need to create follow-through selling next week to increase the odds of a retest and a breakout attempt below.<\/li>\n\n\n\n<li>The market is in a 31-week trading range. The last 7 weeks formed a tight trading range.&nbsp;<\/li>\n\n\n\n<li>Poor follow-through and reversals are 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\n\n\n<li>If the bears continue to fail to create sustained follow-through selling, the odds will swing in favor of the bull leg to begin within a few weeks.<\/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-Expanding-Triangle-TTR-HL-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Expanding-Triangle-TTR-HL-MTR-680x383.png\" alt=\"Crude Oil Daily: Expanding Triangle, TTR, HL MTR?\" class=\"wp-image-181879\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Expanding-Triangle-TTR-HL-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Expanding-Triangle-TTR-HL-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Expanding-Triangle-TTR-HL-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Expanding-Triangle-TTR-HL-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Daily-Expanding-Triangle-TTR-HL-MTR.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 higher earlier in the week, closing above the 20-day exponential moving average (20-EMA). Thursday reversed back below the 20-EMA followed by weak follow-through selling on Friday.<\/li>\n\n\n\n<li>Last week, we said that if the bears fail to create sustained follow-through selling breaking far below the trading range low within the next few weeks, the odds of the bull leg beginning will increase.<\/li>\n\n\n\n<li>This week attempted to retest the trading range low (May 4) but fell short again.<\/li>\n\n\n\n<li>The bulls want a reversal up from around the bottom of the 31-week trading range; from a wedge bull flag (May 31, Jun 12, and June 23) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They want a strong reversal breaking far above the 7-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 7 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 three-legged move down (May 31, Jun 12, and Jun 23) but fell short of the trading range low.<\/li>\n\n\n\n<li>They another leg down testing the trading range low (May 4).<\/li>\n\n\n\n<li>While Friday traded lower, it had a long tail below and closed in the upper half of the day\u2019s range. It was not strong follow-through selling.<\/li>\n\n\n\n<li>Crude Oil has been trading within a tight trading range in the last 7 weeks, forming an expanding triangle.<\/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 31-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\n\n\n<li>If the bears fail to create sustained follow-through selling breaking far below the trading range low within the next few weeks, the odds of the bull leg beginning will increase.<\/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 formed a 7-week tight trading range. The bulls did not get sustained follow-through buying this week and the weekly candlestick reversed into a bear bar. The bears will need to create follow-through selling next week to increase the odds of retesting the May 4 low. Crude [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":181876,"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],"class_list":{"0":"post-181698","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":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/06\/Crude-Oil-Weekly-Tight-Trading-Range-Poor-Follow-Through.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\/181698","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=181698"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/181698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/181876"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=181698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=181698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=181698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}