{"id":193514,"date":"2023-11-05T01:30:00","date_gmt":"2023-11-05T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=193514"},"modified":"2023-11-04T22:50:03","modified_gmt":"2023-11-05T05:50:03","slug":"crude-oil-two-legged-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-two-legged-pullback\/","title":{"rendered":"Crude Oil Two-Legged Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The weekly chart formed a Crude Oil two-legged pullback, closing below the 20-week EMA. The bears need to create follow-through selling below the 20-week EMA to increase the odds of a reversal lower. The bulls want a reversal up from a double bottom bull flag (Oct 6 and Nov 3).<\/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>Monthly<\/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\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback-680x383.jpg\" alt=\"Crude Oil Monthly: DT Bear Flag or Pullback?\" class=\"wp-image-193626\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Monthly-DT-Bear-Flag-or-Pullback.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The October monthly Crude Oil candlestick was a bear bar closing near its low and below September low.<\/li>\n\n\n\n<li>Previously, the bulls got a reversal up from a wedge bull flag (Dec 9, Mar 20, and May 4) and a double bottom (Mar 20 and May 4), testing the November 2022 high.<\/li>\n\n\n\n<li>The move-up was in a tight bull channel and a 5-bar bull microchannel. The streak ended in October.<\/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 bulls see the current pullback simply as a breakout test of the April high (breakout point).<\/li>\n\n\n\n<li>If the market trades lower, they want the 20-month EMA or the bull trend line to act as support.<\/li>\n\n\n\n<li>The bears hope to get a reversal from a double top bear flag with the November 2022 high.<\/li>\n\n\n\n<li>They see the market as forming a larger trading range and want a reversal down from a lower high major trend reversal.<\/li>\n\n\n\n<li>They need to create follow-through selling in November, preferably closing below the 20-month EMA to increase the odds of lower prices.<\/li>\n\n\n\n<li>Since October was a bear bar closing near its low, it is a sell signal bar for November.<\/li>\n\n\n\n<li>For now, odds slightly favor November to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can get a follow-through bear bar or will November trade slightly lower but stall and close with a long tail below or with a bull body?<\/li>\n<\/ul>\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\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-20-Week-EMA.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-20-Week-EMA-680x383.jpg\" alt=\"Crude Oil Weekly: Can Bears Get Ft below 20-Week Ema? Crude Oil Two-Legged Pullback\" class=\"wp-image-193629\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-20-Week-EMA-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-20-Week-EMA-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-20-Week-EMA-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-20-Week-EMA-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-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 bear bar closing near its low and below the 20-week EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-second-leg-down\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders will see if the bears can create follow-through selling or if will they fail to do so like the first leg down (Oct 6).<\/li>\n\n\n\n<li>The bears manage to get follow-through selling and a larger second leg sideways to down.<\/li>\n\n\n\n<li>They want a reversal from a larger double top bear flag (Nov 17, 2022, and Sept 28) and a lower high major trend reversal (Oct 23).<\/li>\n\n\n\n<li>They hope that the strong move up (from Jun to Sept) was simply a buy vacuum and a bull leg within a larger trading range.&nbsp;<\/li>\n\n\n\n<li>Since this week closed below the 20-week EMA, the bears will need to create a follow-through bear bar to increase the odds of lower prices.<\/li>\n\n\n\n<li>Previously, the bulls had a tight bull channel from June to September.&nbsp;<\/li>\n\n\n\n<li>They see the current move as a two-legged pullback, forming a double bottom bull flag (Oct 6 and Nov 3).<\/li>\n\n\n\n<li>They want the 20-week EMA to act as support, followed by a reversal to retest the September high.<\/li>\n\n\n\n<li>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<li>Since this week\u2019s candlestick is a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar or will the bulls be able to get a reversal closing back above the 20-week EMA.<\/li>\n\n\n\n<li>For now, while the market can still trade sideways to down for a while more, odds slightly favor the current pullback to be minor.<\/li>\n\n\n\n<li>However, if the bears get a couple of strong consecutive bear bars, it will swing the odds in favor of the bear leg beginning.<\/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 weekly chart formed a Crude Oil two-legged pullback, closing below the 20-week EMA. The bears need to create follow-through selling below the 20-week EMA to increase the odds of a reversal lower. The bulls want a reversal up from a double bottom bull flag (Oct 6 and Nov 3). [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":193629,"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-193514","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\/11\/Crude-Oil-Weekly-Can-Bears-Get-FT-below-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\/193514","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=193514"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/193514\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/193629"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=193514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=193514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=193514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}