The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-3rd-Leg-Up-Retest-High-or-LH-MTR-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a consecutive bull bar closing above the middle of the bar.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds favor the market to break out above the inside bar first and traders will see if the bulls can get a strong follow-through bull bar or will the market trade slightly higher but close with a long tail or with a bear body.<\/li>\n\n\n\n
- The bull managed to get a follow-through bull bar this week albeit weak (long tail above).<\/li>\n\n\n\n
- Previously, the bulls had a tight bull channel from June to September. That means strong bulls.<\/li>\n\n\n\n
- They see the one-bar pullback (Oct 6) simply as a test of the breakout point (trading range high; April high).<\/li>\n\n\n\n
- They want the 20-week EMA to act as a support and another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28. <\/li>\n\n\n\n
- At the very least, they expect at least a small sideways to up leg to retest the prior leg extreme (Sept 28 high). The small leg to retest of the Sept 28 high is underway.<\/li>\n\n\n\n
- They hope to get a measured move based on the height of the 41-week trading range, which will take them to around $103.<\/li>\n\n\n\n
- The bears were not able to get follow-through selling following the big one-bar pullback.<\/li>\n\n\n\n
- They want a reversal down from a large double-top bear flag with the November 2022 high.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal down from a small double top with the September 28 high.<\/li>\n\n\n\n
- They hope that the strong move up (from Jun to Sept) is simply a buy vacuum and a bull leg within a larger trading range. <\/li>\n\n\n\n
- They want a strong bear leg to retest the trading range low (May low).<\/li>\n\n\n\n
- They will need to create consecutive bear bars closing near their lows trading far below the 20-week EMA to increase the odds of lower prices.<\/li>\n\n\n\n
- Since this week\u2019s candlestick was a bull bar, it is a buy signal bar for next week albeit weak (long tail above).<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n
- Traders will see if the bulls can get another consecutive bull bar or will the market trade slightly higher but stall near the September 28 high area and reverse lower.<\/li>\n\n\n\n
- The bear trend lines becoming progressively less steep also indicates a loss of momentum for the bears.<\/li>\n\n\n\n
- The market likely has flipped into Always In Long.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-Weak-Retest-of-September-High-Wedge-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The Crude Oil market traded sideways to up for the week. Thursday was a weak outside bull bar. Friday traded above it but reversed into a bear bar.<\/li>\n\n\n\n
- Last week, we said that the odds favor the market to trade at least a little higher. If the bulls get a couple of strong consecutive bull bars, the odds of a retest of September 28 high will increase.<\/li>\n\n\n\n
- This week traded higher but some of the candlesticks also had overlapping ranges. The bulls are not as strong as they hope to be.<\/li>\n\n\n\n
- The bulls got a strong rally from June in the form of a tight bull channel which lasted a long time.<\/li>\n\n\n\n
- They hope that the recent strong pullback (Oct 6) was simply a sell vacuum test of the breakout point (April high) and has alleviated the overbought conditions.<\/li>\n\n\n\n
- They want another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n
- They will need to create strong bull bars to increase the odds of retesting and break out above the September 28 high.<\/li>\n\n\n\n
- The bears got a reversal down from a large wedge pattern (Jul 13, Aug 10, and Sept 28), a smaller wedge (Sept 5, Sept 19, and Sept 28) and a final flag.<\/li>\n\n\n\n
- The recent move down (Oct 6) is strong in the form of a bear spike (strong bear bars with little overlap).<\/li>\n\n\n\n
- They see the current move up simply as a retest of the prior trend extreme (Sept 28). <\/li>\n\n\n\n
- They want the market to stall below the September 28 high and reverse from a lower high major trend reversal or a double top.<\/li>\n\n\n\n
- They also want a reversal down from a smaller wedge pattern (Oct 9, Oct 16, and Oct 20).<\/li>\n\n\n\n
- For now, odds slightly favor Crude Oil to still be in the sideways to up phase.<\/li>\n\n\n\n
- However, the current move up (since Oct 6) is not very strong. It has the shape of a wedge and a lot of overlapping ranges.<\/li>\n\n\n\n
- The bulls need to do more by creating strong consecutive bull bars closing near their highs to increase the odds of another strong leg up.<\/li>\n\n\n\n
- If the move up continues to be weak (with overlapping bars, doji(s), and bear bars), odds are we will see the bears attempt a larger second leg sideways to down within 1-3 weeks.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-3rd-Leg-Up-Retest-High-or-LH-MTR.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a consecutive bull bar closing above the middle of the bar.<\/li>\n\n\n\n
- Last week<\/a>, we said that the odds favor the market to break out above the inside bar first and traders will see if the bulls can get a strong follow-through bull bar or will the market trade slightly higher but close with a long tail or with a bear body.<\/li>\n\n\n\n
- The bull managed to get a follow-through bull bar this week albeit weak (long tail above).<\/li>\n\n\n\n
- Previously, the bulls had a tight bull channel from June to September. That means strong bulls.<\/li>\n\n\n\n
- They see the one-bar pullback (Oct 6) simply as a test of the breakout point (trading range high; April high).<\/li>\n\n\n\n
- They want the 20-week EMA to act as a support and another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28. <\/li>\n\n\n\n
- At the very least, they expect at least a small sideways to up leg to retest the prior leg extreme (Sept 28 high). The small leg to retest of the Sept 28 high is underway.<\/li>\n\n\n\n
- They hope to get a measured move based on the height of the 41-week trading range, which will take them to around $103.<\/li>\n\n\n\n
- The bears were not able to get follow-through selling following the big one-bar pullback.<\/li>\n\n\n\n
- They want a reversal down from a large double-top bear flag with the November 2022 high.<\/li>\n\n\n\n
- If the market trades higher, they want a reversal down from a small double top with the September 28 high.<\/li>\n\n\n\n
- They hope that the strong move up (from Jun to Sept) is simply a buy vacuum and a bull leg within a larger trading range. <\/li>\n\n\n\n
- They want a strong bear leg to retest the trading range low (May low).<\/li>\n\n\n\n
- They will need to create consecutive bear bars closing near their lows trading far below the 20-week EMA to increase the odds of lower prices.<\/li>\n\n\n\n
- Since this week\u2019s candlestick was a bull bar, it is a buy signal bar for next week albeit weak (long tail above).<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n
- Traders will see if the bulls can get another consecutive bull bar or will the market trade slightly higher but stall near the September 28 high area and reverse lower.<\/li>\n\n\n\n
- The bear trend lines becoming progressively less steep also indicates a loss of momentum for the bears.<\/li>\n\n\n\n
- The market likely has flipped into Always In Long.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- The Crude Oil market traded sideways to up for the week. Thursday was a weak outside bull bar. Friday traded above it but reversed into a bear bar.<\/li>\n\n\n\n
- Last week, we said that the odds favor the market to trade at least a little higher. If the bulls get a couple of strong consecutive bull bars, the odds of a retest of September 28 high will increase.<\/li>\n\n\n\n
- This week traded higher but some of the candlesticks also had overlapping ranges. The bulls are not as strong as they hope to be.<\/li>\n\n\n\n
- The bulls got a strong rally from June in the form of a tight bull channel which lasted a long time.<\/li>\n\n\n\n
- They hope that the recent strong pullback (Oct 6) was simply a sell vacuum test of the breakout point (April high) and has alleviated the overbought conditions.<\/li>\n\n\n\n
- They want another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n
- They will need to create strong bull bars to increase the odds of retesting and break out above the September 28 high.<\/li>\n\n\n\n
- The bears got a reversal down from a large wedge pattern (Jul 13, Aug 10, and Sept 28), a smaller wedge (Sept 5, Sept 19, and Sept 28) and a final flag.<\/li>\n\n\n\n
- The recent move down (Oct 6) is strong in the form of a bear spike (strong bear bars with little overlap).<\/li>\n\n\n\n
- They see the current move up simply as a retest of the prior trend extreme (Sept 28). <\/li>\n\n\n\n
- They want the market to stall below the September 28 high and reverse from a lower high major trend reversal or a double top.<\/li>\n\n\n\n
- They also want a reversal down from a smaller wedge pattern (Oct 9, Oct 16, and Oct 20).<\/li>\n\n\n\n
- For now, odds slightly favor Crude Oil to still be in the sideways to up phase.<\/li>\n\n\n\n
- However, the current move up (since Oct 6) is not very strong. It has the shape of a wedge and a lot of overlapping ranges.<\/li>\n\n\n\n
- The bulls need to do more by creating strong consecutive bull bars closing near their highs to increase the odds of another strong leg up.<\/li>\n\n\n\n
- If the move up continues to be weak (with overlapping bars, doji(s), and bear bars), odds are we will see the bears attempt a larger second leg sideways to down within 1-3 weeks.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Last week<\/a>, we said that the odds favor the market to break out above the inside bar first and traders will see if the bulls can get a strong follow-through bull bar or will the market trade slightly higher but close with a long tail or with a bear body.<\/li>\n\n\n\n