{"id":195538,"date":"2023-12-10T01:30:00","date_gmt":"2023-12-10T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195538"},"modified":"2023-12-09T12:21:47","modified_gmt":"2023-12-09T20:21:47","slug":"crude-oil-wedge","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-wedge\/","title":{"rendered":"Crude Oil Wedge but Strong Bears"},"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 wedge on the weekly chart. The bears want a retest of the trading range low and a second leg sideways to down after a larger pullback. 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.\u00a0<\/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\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge-680x383.jpg\" alt=\"Crude Oil Weekly: Bear Leg in Trading Range, Crude Oil Wedge\" class=\"wp-image-195675\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Bear-Leg-in-Trading-Range-Wedge.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 with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-double-top-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to still be in the sideways to down phase.<\/li>\n\n\n\n<li>The bears got a strong move down trading far 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 got another leg down forming a wedge pattern (Oct 6, Nov 16, and Dec 7).<\/li>\n\n\n\n<li>If the market trades higher, the bears want another leg down after the pullback, retesting the May trading range low.<\/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 forming a higher low major trend reversal and a wedge bull flag (Oct 6, Nov 16, and Dec 7).<\/li>\n\n\n\n<li>They want a retest of the September high followed by a breakout above.<\/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>Since this week\u2019s candlestick is a bear bar closing in the low half, it is a sell signal bar for next week albeit weaker (long tail below).<\/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\n\n\n<li>Crude Oil is trading near the lower third of the trading range, which is the buy zone of trading range traders.<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout with sustained follow-through buying\/selling from either direction.<\/li>\n\n\n\n<li>Traders will see if the bears can continue to get consecutive bear bars or will the market stall around the current levels and start the pullback phase.<\/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\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel-680x383.jpg\" alt=\"Crude Oil Daily: Wedge but Tight Bear Channel\" class=\"wp-image-195678\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-but-Tight-Bear-Channel.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 lower for the week with Friday forming a pullback.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-higher-low-mtr\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, 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 within a few weeks.<\/li>\n\n\n\n<li>The bear got 3 pushes down, forming a wedge pattern (Oct 6, Nov 16, and Dec 7).<\/li>\n\n\n\n<li>They want a retest of the June or May lows, followed by a breakout below.<\/li>\n\n\n\n<li>The move down is in a tight bear channel which increases the odds of at least a small sideways to down leg after a slightly larger pullback.<\/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 hope that the current move down is simply a deep pullback.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 7) and a higher low major trend reversal.<\/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 and the bear trend line to increase the odds of higher prices.<\/li>\n\n\n\n<li>Crude Oil remains in a 70-week trading range. Traders will BLSH (Buy Low, Sell High) in trading ranges until there is a breakout with sustained follow-through buying\/selling.<\/li>\n\n\n\n<li>This week tested near the lower third of the trading range which is the buy zone for the trading range traders.<\/li>\n\n\n\n<li>Most breakouts from a trading range fail 80% of the time. Odds slightly favor the trading range to continue.<\/li>\n\n\n\n<li>For now, the selloff from the end of November is strong enough to slightly favor at least a small sideways to down leg after a pullback.<\/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 wedge on the weekly chart. The bears want a retest of the trading range low and a second leg sideways to down after a larger pullback. The bulls will need to create a couple of strong consecutive bull bars, trading above the 20-week EMA [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":195675,"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-195538","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-Bear-Leg-in-Trading-Range-Wedge.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\/195538","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=195538"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/195538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/195675"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=195538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=195538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=195538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}