{"id":182831,"date":"2023-07-09T01:30:00","date_gmt":"2023-07-09T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=182831"},"modified":"2023-07-08T22:53:00","modified_gmt":"2023-07-09T05:53:00","slug":"crude-oil-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-follow-through\/","title":{"rendered":"Crude Oil Follow-through Bull Bar"},"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 follow-through bull bar on the weekly chart. The bulls hope that this is the start of the bull leg to retest the April high. The bears want the 20-week exponential moving average and the bear trend line to act as resistance. They want the market to stall and retest the May 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\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR-680x383.png\" alt=\"Crude Oil Weekly: Follow-through bull bar, HL MTR?\" class=\"wp-image-182985\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR.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 near its high.<\/li>\n\n\n\n<li>Last week, we said 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\n\n\n<li>This week was a follow-through bull bar. The bull leg may be starting.<\/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>However, they have not yet been able to create sustained follow-through selling from the 9-week tight trading range.<\/li>\n\n\n\n<li>The bears hope that this week was simply a retest of the tight trading range high and want a reversal down from around the 20-week exponential moving average and bear trend line area.<\/li>\n\n\n\n<li>They will need to create strong consecutive bear bars to increase the odds of a retest and a breakout attempt below the May low.<\/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 28).<\/li>\n\n\n\n<li>They got a retest of the 20-week exponential moving average and the bear trend line. The next target for the bulls is the April high.&nbsp;<\/li>\n\n\n\n<li>They will need to continue creating follow-through buying 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>The market is in a 33-week trading range. The last 9 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. It may have begun this week.&nbsp;<\/li>\n\n\n\n<li>Traders will see if the bulls can continue creating follow-through buying, or will the market still trade slightly higher but stall and reverses lower again?<\/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\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-HL-MTR.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-HL-MTR-680x383.png\" alt=\"Crude Oil Daily: Wedge Bottom, Tight TR, HL MTR?\" class=\"wp-image-182988\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-HL-MTR-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-HL-MTR-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-HL-MTR-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-HL-MTR-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Wedge-Bottom-Tight-TR-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 sideways to up for the week.<\/li>\n\n\n\n<li>Previously, we said if the bears fail to create sustained follow-through selling breaking far below the trading range low within a few weeks, the odds of the bull leg beginning will increase.<\/li>\n\n\n\n<li>The current move-up is in an 8-bar bull micro channel. That means persistent buying.<\/li>\n\n\n\n<li>The bulls want a reversal up from a wedge bull flag (May 31, Jun 12, and June 28) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They want a strong breakout above the 9-week tight trading range and a retest of the April high.<\/li>\n\n\n\n<li>They have gotten consecutive closes above the 20-day exponential moving average.<\/li>\n\n\n\n<li>The bulls need to continue creating follow-through buying breaking far above the 9-week tight trading range high (June 5) to increase the odds of the bull leg beginning.<\/li>\n\n\n\n<li>There may be buyers below the first pullback below such a strong bull microchannel.<\/li>\n\n\n\n<li>The bears got a three-legged move down (May 31, Jun 12, and Jun 28) but fell short of the trading range low.<\/li>\n\n\n\n<li>They hope that the recent move-up was simply a minor pullback and want another leg down testing the trading range low (May 4).<\/li>\n\n\n\n<li>They want the market to stall around the 9-week tight trading range high area (June 5).<\/li>\n\n\n\n<li>Crude Oil has been trading within a tight trading range in the last 9 weeks.<\/li>\n\n\n\n<li>It is also in a larger 33-week trading range. Poor follow-through and reversals are common in trading ranges.&nbsp;<\/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 a few weeks, the odds of the bull leg beginning will increase. It may have already begun.<\/li>\n\n\n\n<li>Traders will see if the bulls can continue to create follow-through buying or will the market trade slightly higher but stall around the 9-week trading range high area.<\/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 follow-through bull bar on the weekly chart. The bulls hope that this is the start of the bull leg to retest the April high. The bears want the 20-week exponential moving average and the bear trend line to act as resistance. They want the [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":182985,"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-182831","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\/07\/Crude-Oil-Weekly-Bull-Follow-through-HL-MTR.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\/182831","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=182831"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/182831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/182985"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=182831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=182831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=182831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}