{"id":183935,"date":"2023-07-23T01:30:00","date_gmt":"2023-07-23T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=183935"},"modified":"2023-07-22T19:22:43","modified_gmt":"2023-07-23T02:22:43","slug":"crude-oil-follow-through-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-follow-through-2\/","title":{"rendered":"Crude Oil Follow-through"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The<strong>\u00a0<\/strong>weekly chart formed a crude oil follow-through bull bar following last week&#8217;s close above the 20-week exponential moving average and the bear trend line. The bulls want a retest of the April high. The bears hope that the market will stall around the middle of the 35-week trading range and reverse lower. For now, the odds are the move up is a bull leg 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\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA-680x383.jpg\" alt=\"Crude Oil Weekly: Crude Oil Follow-through above TL &amp; 20-Week EMA\" class=\"wp-image-184145\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Weekly-Bull-FT-above-TL-20-Week-EMA.jpg 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 that <a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-weak-close\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-weak-close\/\" rel=\"noreferrer noopener\">traders will see if the bulls can create a follow-through bull bar<\/a> following last week\u2019s close above the 20-week exponential moving average and bear trend line area.<\/li>\n\n\n\n<li>This week was a strong follow-through bull bar closing near its high.<\/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 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 next target for the bulls is the April high.&nbsp;<\/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 want a reversal down from a double top bear flag (Jun 5 and Jul 21) around the 20-week exponential moving average and bear trend line area.<\/li>\n\n\n\n<li>While they see a micro double top (Jul 12 and Jul 21), this week\u2019s bull bar closing near its high is not a strong sell signal bar. It is a buy signal bar.<\/li>\n\n\n\n<li>The bears will need a strong sell signal bar before they would be willing to sell more aggressively.<\/li>\n\n\n\n<li>The market is in a 35-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>Poor follow-through and reversals are also common within a trading range.<\/li>\n\n\n\n<li>While the bulls have a 4-bar bull microchannel which means persistent buying, the odds are the move up is a bull leg within a trading range.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can continue to create follow-through buying or will next week trade slightly higher but close with a long tail above or a bear body.<\/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-Small-2nd-Leg-Retest-of-Prior-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Small-2nd-Leg-Retest-of-Prior-High-680x383.jpg\" alt=\"Crude Oil Daily: Small 2nd Leg Retest of Prior High\" class=\"wp-image-184148\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Small-2nd-Leg-Retest-of-Prior-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Small-2nd-Leg-Retest-of-Prior-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Small-2nd-Leg-Retest-of-Prior-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Small-2nd-Leg-Retest-of-Prior-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/07\/Crude-Oil-Daily-Small-2nd-Leg-Retest-of-Prior-High.jpg 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 following a small pullback on Monday.<\/li>\n\n\n\n<li>Last week, we said that the odds slightly favor at least a small second leg sideways to up after a brief pullback.<\/li>\n\n\n\n<li>The bulls got 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 then got a small second leg sideways to up retesting the July 13 high.<\/li>\n\n\n\n<li>The move-up is in a tight bull channel. That means persistent buying.<\/li>\n\n\n\n<li>The next target for the bulls is the April high.<\/li>\n\n\n\n<li>The bulls will need to create follow-through buying above the expanding triangle to increase the odds of higher prices.<\/li>\n\n\n\n<li>The bears hope that the tight channel up (since June 28) is simply a buy vacuum within the trading range.<\/li>\n\n\n\n<li>They want the market to reverse lower from the top of the expanding triangle.<\/li>\n\n\n\n<li>Crude Oil has been trading within a 35-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>The market is currently trading around the middle of the 35-week trading range. It could be an area of balance between the bulls and bears.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can continue to create follow-through buying or will the market stall and trade back into the previous tight trading range.<\/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\u00a0weekly chart formed a crude oil follow-through bull bar following last week&#8217;s close above the 20-week exponential moving average and the bear trend line. The bulls want a retest of the April high. The bears hope that the market will stall around the middle of the 35-week trading range and [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":184145,"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-183935","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-FT-above-TL-20-Week-EMA.jpg","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\/183935","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=183935"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/183935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/184145"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=183935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=183935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=183935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}