{"id":195953,"date":"2023-12-17T01:30:00","date_gmt":"2023-12-17T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=195953"},"modified":"2023-12-18T02:29:14","modified_gmt":"2023-12-18T10:29:14","slug":"crude-oil-wedge-in-a-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-wedge-in-a-trading-range\/","title":{"rendered":"Crude Oil Wedge in a Trading Range"},"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 wedge in a trading range. If the market trades higher, the bears want a larger second leg sideways to down after the pullback. The bulls hope to get a two-legged sideways to up pullback lasting a couple of weeks. They will need to create follow-through buying next week to increase the odds of the minor pullback beginning.<\/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-Wedge-Bear-Leg-in-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Wedge-Bear-Leg-in-Trading-Range-680x383.jpg\" alt=\"Crude Oil Weekly: Wedge, Bear Leg in Trading Range, Crude Oil Wedge in a Trading Range\" class=\"wp-image-196096\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Wedge-Bear-Leg-in-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Wedge-Bear-Leg-in-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Wedge-Bear-Leg-in-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Wedge-Bear-Leg-in-Trading-Range-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Wedge-Bear-Leg-in-Trading-Range.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 bull doji closing in its upper half with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge\/\" rel=\"noreferrer noopener\">Last week<\/a>, we said that 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>This week traded below last week\u2019s low but reversed to close with a small body.<\/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 3 pushes down forming a wedge pattern (Oct 6, Nov 16, and Dec 13).<\/li>\n\n\n\n<li>If the market trades higher, the bears want the 20-week EMA and the bear trend line to act as resistance, followed by another leg down retesting the current leg low (Dec 13).<\/li>\n\n\n\n<li>The bulls see the current move simply as a bear leg within a trading range.<\/li>\n\n\n\n<li>They want a reversal from a higher low major trend reversal and a wedge bull flag (Oct 6, Nov 16, and Dec 13).<\/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 bull doji closing in its upper half, it is a weaker buy signal bar for next week.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar, which may lead to the start of the minor pullback 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<\/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-Start-of-Minor-Pullback.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-Start-of-Minor-Pullback-680x383.jpg\" alt=\"Crude Oil Daily: Wedge, Start of Minor Pullback?\" class=\"wp-image-196099\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-Start-of-Minor-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-Start-of-Minor-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-Start-of-Minor-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-Start-of-Minor-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Wedge-Start-of-Minor-Pullback.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 earlier in the week after a small pullback. Wednesday traded lower but reversed into a bull bar with follow-through buying on Thursday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that 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\n\n\n<li>The bear got 3 pushes down, forming a wedge pattern (Oct 6, Nov 16, and Dec 13).<\/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>If the market trades higher, they want a larger second leg sideways to down after the pullback.<\/li>\n\n\n\n<li>They want the 20-day EMA or the bear trend line to act as resistance.<\/li>\n\n\n\n<li>The bulls see the current move down simply as a bear leg within a trading range.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. 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>At the very least, they want a TBTL (Ten Bar, Two Leg) sideways to up pullback to begin soon.<\/li>\n\n\n\n<li>Crude Oil remains in a 71-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>The market is trading 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 since September has lasted a long time. A minor pullback can begin at any moment.<\/li>\n\n\n\n<li>If a pullback begins, traders will see the strength of the pullback. If it remains weak and sideways, the odds of another strong leg down will increase.&nbsp;<\/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 wedge in a trading range. If the market trades higher, the bears want a larger second leg sideways to down after the pullback. The bulls hope to get a two-legged sideways to up pullback lasting a couple of weeks. They will need to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":196096,"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-195953","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-Wedge-Bear-Leg-in-Trading-Range.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\/195953","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=195953"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/195953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/196096"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=195953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=195953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=195953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}