{"id":194718,"date":"2023-11-26T01:30:00","date_gmt":"2023-11-26T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=194718"},"modified":"2023-11-25T10:14:50","modified_gmt":"2023-11-25T18:14:50","slug":"crude-oil-higher-low-mtr","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-higher-low-mtr\/","title":{"rendered":"Crude Oil Higher Low MTR (Major Trend Reversal)?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The bulls want a Crude Oil higher low MTR (Major Trend Reversal) on the weekly chart. They want a larger second leg up lasting many weeks, with the first leg being the move-up from June to September. 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-Inside-Doji-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-Inside-Doji-TCL-Overshoot-HL-MTR-680x383.jpg\" alt=\"Crude Oil Higher Low MTR, Crude Oil Weekly: Inside Doji, TCL Overshoot, HL MTR?\" class=\"wp-image-194887\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Inside-Doji-TCL-Overshoot-HL-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Inside-Doji-TCL-Overshoot-HL-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Inside-Doji-TCL-Overshoot-HL-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Inside-Doji-TCL-Overshoot-HL-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Weekly-Inside-Doji-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 an inside bear doji closing slightly below the middle of its range.<\/li>\n\n\n\n<li>Last week, we said that 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>This week traded sideways, around the middle of last week\u2019s range. It is an area of temporary balance.<\/li>\n\n\n\n<li>The bears got a larger second leg sideways to down trading below the 20-week EMA.<\/li>\n\n\n\n<li>The move down is in a 6-bar bear microchannel. That means persistent selling.<\/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>They want the 20-week EMA to act as resistance.<\/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>They want a larger second leg up lasting many weeks, with the first leg being the move-up from June to September.<\/li>\n\n\n\n<li>The bulls will need to create a couple of consecutive bull bars, trading above the 20-week EMA to increase the odds of higher prices.<\/li>\n\n\n\n<li>If the market trades lower, they hope that this week\u2019s inside bar will be a one-bar final flag of the move, followed by a reversal up.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is an inside bar, the market is in breakout mode.<\/li>\n\n\n\n<li>The bulls want a breakout above, while the bears want a breakout below the inside bar.<\/li>\n\n\n\n<li>The first breakout can fail 50% of the time.<\/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 a few 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-Small-Retest-of-Nov-Low-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-Small-Retest-of-Nov-Low-HL-MTR-680x383.jpg\" alt=\"Crude Oil Daily: Small Retest of Nov Low, HL MTR?\" class=\"wp-image-194890\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-Small-Retest-of-Nov-Low-HL-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-Small-Retest-of-Nov-Low-HL-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-Small-Retest-of-Nov-Low-HL-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-Small-Retest-of-Nov-Low-HL-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/Crude-Oil-Daily-Small-Retest-of-Nov-Low-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 traded higher early in the week but there was no follow-through. Wednesday formed a retest of the November 16 low but reversed to close with a long tail below. Friday was an inside bear bar.<\/li>\n\n\n\n<li>Last week, we said that while the selloff from September is quite strong, it has also lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n<li>This week was mostly sideways trading within last week\u2019s range.<\/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>Wednesday formed a 1-bar retest of the November 16 low but reversed most of the move.&nbsp;<\/li>\n\n\n\n<li>The bears hope to get a continuation lower early next week.<\/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.<\/li>\n\n\n\n<li>The bulls got a strong rally from June to September in the form of a tight bull channel.<\/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 bear inside bar closing near its low, odds slightly favor the first breakout to be below it. It is not a strong buy signal bar for Monday.<\/li>\n\n\n\n<li>Traders will see if the bears can create follow-through selling (early next week). If they get that, the odds of a retest of the November 16 low will increase.<\/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 within a few weeks.<\/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 bulls want a Crude Oil higher low MTR (Major Trend Reversal) on the weekly chart. They want a larger second leg up lasting many weeks, with the first leg being the move-up from June to September. The bears hope that the bear leg to retest the May low has [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":194887,"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-194718","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-Inside-Doji-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\/194718","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=194718"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/194718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/194887"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=194718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=194718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=194718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}