{"id":194332,"date":"2023-11-19T01:30:00","date_gmt":"2023-11-19T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=194332"},"modified":"2023-11-18T11:20:43","modified_gmt":"2023-11-18T19:20:43","slug":"crude-oil-trend-channel-line-overshoot","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-trend-channel-line-overshoot\/","title":{"rendered":"Crude Oil Trend Channel Line Overshoot"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The market formed a Crude Oil trend channel line overshoot, closing as a bear doji with a long tail below. The bulls hope to get a reversal from a higher low major trend reversal. The bears hope that the bear leg to retest the May low has begun.<\/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\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR-680x383.jpg\" alt=\"Crude Oil Trend Channel Line Overshoot, HL MTR?\" class=\"wp-image-194467\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-TCL-Overshoot-HL-MTR.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 doji closing around the middle of its range.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-two-legged-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the odds slightly favor the market to trade at least a little lower.\u00a0<\/li>\n\n\n\n<li>This week broke far below last week\u2019s low but reversed to close with a long tail below. The bears are not as strong as they hoped to be.<\/li>\n\n\n\n<li>They got a larger second leg sideways to down and follow-through selling trading below the 20-week EMA.<\/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>They hope that the bear leg to retest the May low has begun.<\/li>\n\n\n\n<li>If the market trades higher, the bears want another leg down completing the wedge pattern with the first two legs being October 6 and November 16.<\/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 higher low major trend reversal.<\/li>\n\n\n\n<li>They want a reversal up from a trend channel line overshoot followed by a retest of the September high.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bear doji closing around the middle of its range with a long tail below, it is not a strong sell signal bar.&nbsp;<\/li>\n\n\n\n<li>While the market can still trade sideways to down for a couple more weeks, a small pullback can begin within 1-3 weeks.<\/li>\n\n\n\n<li>However, if the bears continue to get a couple of strong consecutive bear bars, it will swing the odds in favor of retesting the trading range low.<\/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\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR-680x383.jpg\" alt=\"Crude Oil Daily: TCL Overshoot, Wedge, HL MTR?\" class=\"wp-image-194470\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-TCL-Overshoot-Wedge-HL-MTR.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil formed a small pullback early in the week followed by a strong breakout on Thursday. Friday reversed a lot of Thursday\u2019s move and was a big bull inside bar closing near its high.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-second-leg-down\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that while Crude Oil could still trade a little lower, odds slightly favor the market to still be in the sideways to up phase.<\/li>\n\n\n\n<li>The bear got 3 pushes down, forming a wedge pattern (Oct 6, Nov 8, and Nov 16).<\/li>\n\n\n\n<li>They want a retest of the May low, followed by a breakout below.<\/li>\n\n\n\n<li>If the market trades higher, they want the 20-day EMA or the bear trend line to act as resistance, followed by a retest of the current leg low (Nov 16).<\/li>\n\n\n\n<li>The bulls got a strong rally from June to September in the form of a tight bull channel which lasted a long time.<\/li>\n\n\n\n<li>They hope that the current move down is simply a deep pullback and has alleviated the prior overbought conditions.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Oct 6, Nov 8, and Nov 16) and a trend channel line overshoot.<\/li>\n\n\n\n<li>They hope to get a retest of the September high.&nbsp;<\/li>\n\n\n\n<li>They will need to create consecutive bull bars closing near their highs, trading far above the 20-day EMA to increase the odds of higher prices.<\/li>\n\n\n\n<li>Since Friday was an inside bar, the market is in breakout mode.<\/li>\n\n\n\n<li>Because it is a bull inside bar closing near its high, odds slightly favor the first breakout to be above it. It is not a strong sell signal bar for Monday.<\/li>\n\n\n\n<li>The market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n<li>Traders will see if the bulls can create follow-through buying (preferably early next week). If they get that, it may be the beginning of a TBTL (Ten Bar, Two Legs) pullback.<\/li>\n\n\n\n<li>For now, while the selloff from September is quite strong, it has also lasted a long time and is slightly climactic.<\/li>\n\n\n\n<li>A minor pullback can begin at any moment.<\/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 market formed a Crude Oil trend channel line overshoot, closing as a bear doji with a long tail below. The bulls hope to get a reversal from a higher low major trend reversal. The bears hope that the bear leg to retest the May low has begun. Crude oil [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":194467,"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-194332","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-TCL-Overshoot-HL-MTR.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\/194332","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=194332"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/194332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/194467"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=194332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=194332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=194332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}