{"id":196377,"date":"2023-12-24T01:30:00","date_gmt":"2023-12-24T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=196377"},"modified":"2023-12-25T04:07:18","modified_gmt":"2023-12-25T12:07:18","slug":"crude-oil-minor-pb","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-minor-pb\/","title":{"rendered":"Crude Oil Minor PB"},"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 minor pb (pullback). The bulls need to continue creating follow-through buying trading above the 20-week EMA and the bear trend line to increase the odds of a reversal. The bears want a retest of the December low and another strong leg down after the current pullback.<\/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-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-Weekly-Start-of-Minor-Pullback-680x383.jpg\" alt=\"Crude Oil Minor PB, Crude Oil Weekly: Start of Minor Pullback\" class=\"wp-image-196521\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Start-of-Minor-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Start-of-Minor-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Start-of-Minor-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-Start-of-Minor-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Weekly-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>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 bar closing above the middle of its range with a prominent tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge-in-a-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that 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>The bulls got a follow-through bull bar this week.<\/li>\n\n\n\n<li>They see the selloff to the December 13 low 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>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>They see the current move simply as a minor pullback following the wedge pattern.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar 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 another follow-through bull bar to test near the 20-week EMA.<\/li>\n\n\n\n<li>For now, the odds slightly favor the current pullback to be minor and favor at least a small sideways to down leg to retest the December 13 low after the pullback.<\/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-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-Start-of-Minor-Pullback-680x383.jpg\" alt=\"Crude Oil Daily: Start of Minor Pullback\" class=\"wp-image-196524\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Start-of-Minor-Pullback-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Start-of-Minor-Pullback-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Start-of-Minor-Pullback-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-Start-of-Minor-Pullback-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/12\/Crude-Oil-Daily-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 sideways to up for the week. Wednesday to Friday were 3 consecutive doji(s) trading around the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-wedge-in-a-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the selloff since September has lasted a long time. A minor pullback can begin at any moment. The minor pullback has begun.<\/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 December low, followed by another strong leg down after the current 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 prior move down simply as a bear leg within a trading range.<\/li>\n\n\n\n<li>They want a reversal from a wedge pattern (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.<\/li>\n\n\n\n<li>Crude Oil remains in a 72-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 market may still be in the minor pullback phase.<\/li>\n\n\n\n<li>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 minor pb (pullback). The bulls need to continue creating follow-through buying trading above the 20-week EMA and the bear trend line to increase the odds of a reversal. The bears want a retest of the December low and another strong leg down after [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":196521,"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-196377","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-Start-of-Minor-Pullback.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\/196377","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=196377"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/196377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/196521"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=196377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=196377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=196377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}