{"id":208805,"date":"2024-05-19T01:30:00","date_gmt":"2024-05-19T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=208805"},"modified":"2024-05-18T12:37:11","modified_gmt":"2024-05-18T19:37:11","slug":"crude-oil-stalled","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-stalled\/","title":{"rendered":"Crude Oil stalled"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Crude Oil stalled at the bull trend line in the last 2 weeks. The bears want at least another sideways to down leg, completing the third push down (wedge) with the first two legs being\u00a0April 22\u00a0and\u00a0May 8. The bulls want a reversal from a wedge (Apr 22,\u00a0May 8, and\u00a0May 15), a micro double bottom (May 8\u00a0and\u00a0May 15) and a higher low.<\/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\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR-680x383.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR-680x383.jpg\" alt=\"Crude Oil Weekly: Stall at Bull Trend Line, Middle of TR, Crude Oil stalled\" class=\"wp-image-208925\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This week\u2019s candlestick on the\u00a0<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a>\u00a0was a bull bar closing near its high\u00a0and\u00a0closing\u00a0above the 20-week EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/bears-need-a-crude-oil-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said\u00a0that the\u00a0market\u00a0may still be in the sideways to down pullback phase.\u00a0Traders will see if the bears can\u00a0get a strong breakout below the bull trend line\u00a0or\u00a0will\u00a0the market\u00a0continue\u00a0to\u00a0stall around the\u00a0current levels.<\/li>\n\n\n\n<li>The market traded lower midweek but reversed to close higher, stalling at the bull trend line area.<\/li>\n\n\n\n<li>The bears got a reversal from a wedge pattern (Dec 26,\u00a0Jan 29,\u00a0Apr 12) and an embedded wedge in the third leg up (Jan 3,\u00a0Mar 19, and\u00a0Apr 12).<\/li>\n\n\n\n<li>They see the last\u00a02\u00a0weeks\u00a0simply\u00a0as a pullback and want at least another sideways to down leg, completing the third push down (wedge) with the first two legs being\u00a0April 22\u00a0and\u00a0May 8.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have not yet been able to create a strong breakout below the bear trend line and\u00a0follow-through selling.<\/li>\n\n\n\n<li>They\u00a0will need to\u00a0create consecutive bear bars closing near their lows\u00a0and far trading below the 20-week EMA and the bull trend line to convince traders that the bear leg is underway.<\/li>\n\n\n\n<li>If the market trades higher, the bears want the bear trend line to act as resistance.<\/li>\n\n\n\n<li>The bulls want a retest of the\u00a0April 12\u00a0high after the\u00a0current\u00a0pullback.<\/li>\n\n\n\n<li>They want the 20-week EMA or the bull trend line to act as support. If the market trades lower, they want a failed breakout below the bull trend line. So\u00a0far\u00a0this is the case.<\/li>\n\n\n\n<li>They want a reversal from a wedge (Apr 22,\u00a0May 8, and\u00a0May 15), a micro double bottom (May 8\u00a0and\u00a0May 15) and a higher low.<\/li>\n\n\n\n<li>They will need to\u00a0create a follow-through bull bar following this week\u2019s close above the 20-week\u00a0EMA to increase the odds of a retest of the April high.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is\u00a0a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can create\u00a0a follow-through bull bar following this week\u2019s close above the 20-week\u00a0EMA.<\/li>\n\n\n\n<li>Crude Oil\u00a0is\u00a0currently\u00a0trading around the middle of the\u00a0large\u00a0trading range, which can be an area of balance.<\/li>\n\n\n\n<li>The market is in\u00a0a large\u00a0trading range (Trading range high:\u00a0September 29, Trading range low:\u00a0May 4).<\/li>\n\n\n\n<li>Traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with\u00a0sustained follow-through buying\/selling.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line-680x383.jpg\" alt=\"Crude Oil Daily: Weak Third Leg Down, Stall at Bull Trend Line\" class=\"wp-image-208928\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Daily-Weak-Third-Leg-Down-Stall-at-Bull-Trend-Line.jpg 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crude Oil traded sideways to up for the week. Wednesday\u00a0traded lower but reversed into a bull doji\u00a0closing\u00a0near its high with follow-through buying on Thursday and Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/bears-need-a-crude-oil-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may still be\u00a0in the\u00a0sideways to down leg.\u00a0Traders will see if the bears can create\u00a0sustained follow-through selling\u00a0breaking\u00a0below the bull trend line\u00a0or\u00a0will\u00a0the market\u00a0continue\u00a0to\u00a0stall around the\u00a0May 8\u00a0area.<\/li>\n\n\n\n<li>So far, the market is stalling around the\u00a0May 8\u00a0area.<\/li>\n\n\n\n<li>The bulls see the current move simply as a pullback and want the bull trend line to\u00a0act as support.\u00a0<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Apr 18,\u00a0May 8, and\u00a0May 15), a double bottom bull flag (Mar 11\u00a0and\u00a0May 15) and a small double bottom (May 8\u00a0and\u00a0May 15).<\/li>\n\n\n\n<li>The bulls\u00a0will need to\u00a0create\u00a0consecutive bull bars closing near their highs\u00a0and trading far above the 20-day EMA\u00a0to increase the odds of a retest of the\u00a0April 12\u00a0high.<\/li>\n\n\n\n<li>The bear got a two-legged pullback\u00a0trading\u00a0below the 20-day EMA.<\/li>\n\n\n\n<li>They want another leg down\u00a0completing\u00a0the wedge pattern\u00a0with\u00a0the first two legs being the\u00a0April 18\u00a0and\u00a0May 8\u00a0lows.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that they have\u00a0not been able\u00a0to create a strong breakout below the bull trend line.<\/li>\n\n\n\n<li>They hope\u00a0that the\u00a0last two weeks were simply a pullback forming a double top bear flag (May 10\u00a0and\u00a0May 17).<\/li>\n\n\n\n<li>They want the 20-day EMA or the bear trend line to act as resistance. They need to break far below the\u00a0bull trend line to increase the odds of lower prices.<\/li>\n\n\n\n<li>Since the market failed to push lower in the last\u00a02\u00a0weeks, we may see the market attempt to\u00a0push\u00a0at least a little higher instead.<\/li>\n\n\n\n<li>Traders will see if the bulls can\u00a0create consecutive bull bars trading far above the 20-day\u00a0EMA.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but\u00a0stall (perhaps around the bear trend line area) and reverse back below the 20-day EMA?<\/li>\n\n\n\n<li>The market\u00a0is trading around the middle of the\u00a0large\u00a0trading range\u00a0which\u00a0can be an area of balance.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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 class=\"wp-block-paragraph\">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 Crude Oil stalled at the bull trend line in the last 2 weeks. The bears want at least another sideways to down leg, completing the third push down (wedge) with the first two legs being\u00a0April 22\u00a0and\u00a0May 8. The bulls want a reversal from a wedge (Apr 22,\u00a0May 8, and\u00a0May 15), [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":208925,"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":["post-208805","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crude-oil","category-analysis","tag-crude-oil-futures","entry","override","shadow"],"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/05\/Crude-Oil-Weekly-Stall-at-Bull-Trend-Line-Middle-of-TR.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\/208805","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=208805"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/208805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/208925"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=208805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=208805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=208805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}