{"id":197289,"date":"2024-01-07T01:30:00","date_gmt":"2024-01-07T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=197289"},"modified":"2024-01-07T02:14:06","modified_gmt":"2024-01-07T10:14:06","slug":"crude-oil-sideways-to-up","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-sideways-to-up\/","title":{"rendered":"Crude Oil Sideways to Up"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The market is forming a Crude Oil sideways to up pullback on the weekly chart. The bulls will need to create follow-through buying trading above the 20-week EMA to increase the odds of higher prices.&nbsp;The bears want the 20-week EMA and the bear trend line to act as resistance, forming a double top bear flag with December 26 high being the first leg.<\/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\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup-680x383.jpg\" alt=\"Crude Oil Weekly: Weak Retest of Dec Low, High 2 Setup, Crude Oil Sideways to Up\" class=\"wp-image-197425\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup.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 near its high with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-retest-dec-low\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor Crude Oil to trade at least a little lower. While the market can still trade lower, odds favor the trading range to continue.<\/li>\n\n\n\n<li>This week traded lower early in the week but reserved into a bullbar from midweek onwards.<\/li>\n\n\n\n<li>The bulls 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 (Dec 13) and a wedge bull flag (Oct 6, Nov 16, and Dec 13).<\/li>\n\n\n\n<li>The bulls see this week simply as a retest of the prior trend extreme (Dec 13 low) and want a reversal from a small double bottom (Dec 13 and Jan 3).<\/li>\n\n\n\n<li>They will need to create follow-through buying 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 and consists of 3 pushes therefore a wedge (Oct 6, Nov 16, and Dec 13).<\/li>\n\n\n\n<li>If the market trades higher, they want the 20-week EMA and the bear trend line to act as resistance, forming a double top bear flag with December 26 high being the first leg.<\/li>\n\n\n\n<li>They want another leg down retesting the prior leg low (Dec 13) and the trading range low (May low).<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>For now, odds slightly favor Crude Oil to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can create follow-through buying or will the market stall around the 20-week EMA area again in the coming weeks.<\/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\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag-680x383.jpg\" alt=\"Crude Oil Daily: 2nd Leg Pullback from Wedge, DT Bear Flag?\" class=\"wp-image-197428\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/01\/Crude-Oil-Daily-2nd-Leg-Pullback-from-Wedge-DT-Bear-Flag.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 but reversed into a bull bar on Wednesday with some follow-through buying on Thursday and Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-minor-pb\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that the market may still be in the minor pullback phase. If it remains weak and sideways, the odds of another strong leg down will increase.\u00a0<\/li>\n\n\n\n<li>So far, the market is still in the sideways pullback phase following the wedge pattern.<\/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 December, 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>If the market trades higher, they want a reversal from a double top bear flag (with the first leg being Dec 26).<\/li>\n\n\n\n<li>The bulls see the move down to December 13 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 (Dec 13). January 3 is a smaller 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>At the very least, they want a TBTL (Ten Bar, Two Leg) sideways to up pullback. The 2-legged pullback is currently underway.<\/li>\n\n\n\n<li>Crude Oil remains in a 74-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 (sideways to up) phase.<\/li>\n\n\n\n<li>If it remains weak and sideways (as it is currently), the odds of another 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 market is forming a Crude Oil sideways to up pullback on the weekly chart. The bulls will need to create follow-through buying trading above the 20-week EMA to increase the odds of higher prices.&nbsp;The bears want the 20-week EMA and the bear trend line to act as resistance, forming [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":197425,"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-197289","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\/2024\/01\/Crude-Oil-Weekly-Weak-Retest-of-Dec-Low-High-2-Setup.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\/197289","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=197289"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/197289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/197425"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=197289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=197289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=197289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}