{"id":210630,"date":"2024-06-16T01:30:00","date_gmt":"2024-06-16T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=210630"},"modified":"2024-06-16T04:37:25","modified_gmt":"2024-06-16T11:37:25","slug":"weekly-crude-oil-pullback","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-pullback\/","title":{"rendered":"Weekly Crude Oil Pullback"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The market formed a weekly Crude Oil pullback to the middle of the trading range on the weekly chart. The bulls want a retest of the\u00a0April 12\u00a0high after the\u00a0current\u00a0pullback and the bull trend line to act as support. The bears want the 20-week EMA and the bear trend line to act as resistance. They hope to get a retest of the June 4 low, even if it forms 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\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range-680x383.jpg\" alt=\"Crude Oil Weekly: Wedge, PB to Middle of Trading Range, Weekly Crude Oil Pullback\" class=\"wp-image-210752\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-Trading-Range.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\u00a0week\u2019s\u00a0candlestick on the\u00a0<a href=\"https:\/\/www.investing.com\/commodities\/crude-oil-streaming-chart\" target=\"_blank\" rel=\"noreferrer noopener\">weekly Crude Oil chart<\/a> was a bull bar closing in its upper half. <\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil\/weak-crude-oil-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders will see if the bears can create a follow-through bear bar or will the bulls be able to create a strong entry bar instead.<\/li>\n\n\n\n<li>The bulls manage to create a strong entry bar closing slightly above the 20-week EMA.<\/li>\n\n\n\n<li>They want a retest of the\u00a0April 12\u00a0high after the\u00a0current\u00a0pullback and the bull trend line to act as support.<\/li>\n\n\n\n<li>They also want a failed breakout from the broadening triangle. So far this is the case.<\/li>\n\n\n\n<li>They want a reversal from a wedge (Apr 22,\u00a0May 8, and\u00a0June 4) and a higher low major trend reversal.<\/li>\n\n\n\n<li>Since this week closed slightly above the 20-week EMA, the bulls will need to create a follow-through bull bar to increase the odds of higher prices.<\/li>\n\n\n\n<li>They need to break far above the bear trend line and the 20-week EMA to increase the odds of the bull leg resuming.<\/li>\n\n\n\n<li>The bears got 3 pushes lower forming a wedge (Apr 22,\u00a0May 8, and\u00a0June 4).\u00a0<\/li>\n\n\n\n<li>The long tail below last week\u2019s candlestick and the lack of follow-through selling indicate that the bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n<li>They hope that this week was simply a pullback and want the market to reverse back below the 20-week EMA.<\/li>\n\n\n\n<li>They see the move since April 12 as a broad bear channel.<\/li>\n\n\n\n<li>They want the 20-week EMA and the bear trend line to act as resistance.<\/li>\n\n\n\n<li>They hope to get a retest of the June 4 low, even if it forms a higher low.<\/li>\n\n\n\n<li>They need to trade far below the 20-week EMA and the bull trend line to increase the odds of retesting the trading range low.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing in its upper half, it is a buy signal bar for next week albeit weaker (prominent tail above). It is not a strong sell signal bar.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a follow-through bull bar next week, even if it is only a bull doji.<\/li>\n\n\n\n<li>If the bulls can create follow-through buying, especially one trading far above the bear trend line, the odds of a retest of the May and April highs will increase.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but stall around the bear trend line area?<\/li>\n\n\n\n<li>The market is trading around the middle of the large trading range. It is 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\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-680x383.jpg\" alt=\"Crude Oil Daily: Pullback to Middle of Trading Range\" class=\"wp-image-210755\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range.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>The market spiked higher on Monday followed by sideways to up trading for the rest of the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil\/weak-crude-oil-breakout\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the broad bear channel to continue until the bulls can create strong consecutive bull bars trading far above the 20-day EMA.<\/li>\n\n\n\n<li>While the market has traded above the 20-day EMA this week, the bulls have not yet created a strong breakout above the bear trendline.<\/li>\n\n\n\n<li>The Bulls see the move down to June 4 simply as a deep pullback.\u00a0<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Apr 18,\u00a0May 8, and\u00a0Jun 4) and\u00a0a higher low major trend reversal.<\/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 and the bear trend line\u00a0to increase the odds of a retest of the\u00a0April high.<\/li>\n\n\n\n<li>If there is a pullback, the bulls want a reversal from a higher low major trend reversal.<\/li>\n\n\n\n<li>The bear got a three-legged pullback\u00a0(therefore a wedge \u2013 Apr 18,\u00a0May 8, and\u00a0Jun 4) trading\u00a0below the 20-day EMA.<\/li>\n\n\n\n<li>They see the move from June 4 simply as a pullback.<\/li>\n\n\n\n<li>They want the market to stall around the current levels (around the 20-day EMA and the bear trend line) followed by a retest of the June 4 low after the current pullback.<\/li>\n\n\n\n<li>They want the 20-day EMA or the bear trend line to continue acting as resistance.<\/li>\n\n\n\n<li>They need to break far below the\u00a0bull trend line to increase the odds of retesting the December low.<\/li>\n\n\n\n<li>So far, the market has traded back to the middle of the trading range which is an area of balance and a magnet.<\/li>\n\n\n\n<li>For now, until the bulls can create a breakout trading far above the 20-day EMA and the bear trend line, the odds slightly favor the broad bear channel to continue.<\/li>\n\n\n\n<li>Traders will see if the bulls can\u00a0create consecutive bull bars trading far above the 20-day\u00a0EMA and the bear trend line.<\/li>\n\n\n\n<li>Or will the market stall (around the bear trend line area or the 20-day EMA again) and reverse lower?<\/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 The market formed a weekly Crude Oil pullback to the middle of the trading range on the weekly chart. The bulls want a retest of the\u00a0April 12\u00a0high after the\u00a0current\u00a0pullback and the bull trend line to act as support. The bears want the 20-week EMA and the bear trend line to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":210752,"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-210630","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\/06\/Crude-Oil-Weekly-Wedge-PB-to-Middle-of-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\/210630","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=210630"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/210630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/210752"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=210630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=210630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=210630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}