{"id":195176,"date":"2023-12-03T01:30:00","date_gmt":"2023-12-03T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195176"},"modified":"2023-12-02T04:30:04","modified_gmt":"2023-12-02T12:30:04","slug":"crude-oil-double-top-bear-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-double-top-bear-flag\/","title":{"rendered":"Crude Oil Double Top Bear Flag"},"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 double top bear flag on the Monthly chart. The bears need to create a follow-through bear bar following the close below the 20-month EMA in November. The bulls want the 20-month EMA or the bull trend line to act as support and a reversal from a higher low major trend reversal.<\/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\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through-680x383.jpg\" alt=\"Crude Oil Double Top Bear Flag, Crude Oil Monthly: DT Bear Flag, Bears Need Follow-through\" class=\"wp-image-195258\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Monthly-DT-Bear-Flag-Bears-Need-Follow-through.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The November monthly Crude Oil candlestick was a bear bar with a long tail below, closing slightly below the 20-month EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-two-legged-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last month<\/a>, we said that the odds slightly favor November to trade at least a little lower. Traders will see if the bears can get a follow-through bear bar or not.<\/li>\n\n\n\n<li>The bears got a follow-through bear bar.<\/li>\n\n\n\n<li>They 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>Since this week closed below the 20-month EMA, the bears will need to create a follow-through bear bar in December.&nbsp;<\/li>\n\n\n\n<li>If they get that, the odds of a retest of the trading range low (May) will increase.<\/li>\n\n\n\n<li>The bulls see the current move simply as a deep pullback and hope to get a second leg sideways to up to retest the September high.<\/li>\n\n\n\n<li>They want the 20-month EMA or the bull trend line to act as support and a reversal from a higher low major trend reversal.<\/li>\n\n\n\n<li>Since November was a bear bar closing in its lower half, it is a sell signal bar for December albeit weaker (long tail below).<\/li>\n\n\n\n<li>For now, odds slightly favor December to trade at least a little lower in the first half of the month.<\/li>\n\n\n\n<li>Traders will see if the bears can get another follow-through bear bar. If they do, the odds of retesting the May will increase.<\/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\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji-680x383.jpg\" alt=\"Crude Oil Weekly: Failed BO above Inside Doji\" class=\"wp-image-195261\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji.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 with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-higher-low-mtr\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the first breakout from an inside bar can fail 50% of the time. 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\n\n\n<li>This week traded above last week\u2019s high, testing the 20-week EMA but reversed into a bear reversal bar (likely a failed breakout above the inside bar).<\/li>\n\n\n\n<li>The bears got a two-legged sideways-to-down pullback trading below the 20-week EMA.<\/li>\n\n\n\n<li>The move down is in a tight bear channel. That means persistent selling.<\/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 the 20-week EMA to act as resistance. The bears got what they wanted.<\/li>\n\n\n\n<li>They 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>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 strong consecutive bull bars, trading above the 20-week EMA to increase the odds of higher prices.&nbsp;<\/li>\n\n\n\n<li>If the market trades lower, they want a reversal up from a wedge bull flag with the first two legs being October 6 and November 16.<\/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>For now, until the bulls can create a few strong consecutive bull bars, odds slightly favor the market to still be in the sideways to down phase.<\/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 double top bear flag on the Monthly chart. The bears need to create a follow-through bear bar following the close below the 20-month EMA in November. The bulls want the 20-month EMA or the bull trend line to act as support and a reversal [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":195261,"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-195176","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\/12\/Crude-Oil-Weekly-Failed-BO-above-Inside-Doji.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\/195176","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=195176"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/195176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/195261"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=195176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=195176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=195176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}