{"id":211177,"date":"2024-06-23T01:30:00","date_gmt":"2024-06-23T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=211177"},"modified":"2024-06-22T12:03:29","modified_gmt":"2024-06-22T19:03:29","slug":"crude-oil-bulls-need-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-bulls-need-follow-through\/","title":{"rendered":"Crude Oil Bulls Need Follow-through"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Crude Oil bulls need follow-through buying following this week&#8217;s breakout above the bear trend line. They also need to create a breakout above the expanding triangle top. The bears want a reversal from a lower high major trend reversal, from a double top bear flag (May 29 and Jun 21) and from around the top of the broadening triangle.<\/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-Bulls-Need-BO-and-FT-Buying.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Bulls-Need-BO-and-FT-Buying-680x383.jpg\" alt=\"Crude Oil Weekly: Bulls Need BO and FT Buying, Crude Oil Bulls Need Follow-through\" class=\"wp-image-211316\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Bulls-Need-BO-and-FT-Buying-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Bulls-Need-BO-and-FT-Buying-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Bulls-Need-BO-and-FT-Buying-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Bulls-Need-BO-and-FT-Buying-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-Bulls-Need-BO-and-FT-Buying.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 consecutive bull bar closing in its upper half with a prominent tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders will see if the bulls can create a follow-through bull bar, even if it is only a bull doji.<\/li>\n\n\n\n<li>The bulls managed to create follow-through buying breaking above the bear trend line.<\/li>\n\n\n\n<li>They want a retest of the\u00a0April 12\u00a0high after the\u00a0recent\u00a0pullback (Jun 4) and the bull trend line to act as support.<\/li>\n\n\n\n<li>They got 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>They hope to get a breakout above the broadening triangle.<\/li>\n\n\n\n<li>If there is a pullback, the bulls want the 20-week EMA to act as support.<\/li>\n\n\n\n<li>The bulls need to create a follow-through bull bar following this week\u2019s breakout above the bear trend line.<\/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>They see the last two weeks as a pullback and want the market to reverse back below the 20-week EMA.<\/li>\n\n\n\n<li>They want a reversal from a lower high major trend reversal, from a double top bear flag (May 29 and Jun 21) and from around the top of the broadening triangle.<\/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>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing in its upper half, it is a buy signal bar for next week (prominent tail above). It is not a strong sell signal bar.<\/li>\n\n\n\n<li>The market may still trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can create another follow-through bull bar next week (preferably breaking above the broadening triangle).<\/li>\n\n\n\n<li>If the bulls can create follow-through buying, especially one trading far above the broadening triangle, the odds of a retest of the April highs will increase.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but stall and close with a long tail above or with a bear body?<\/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\n\n\n<li>Sidenote: The prospect of a broadening war in the Middle East can cause volatility in energy prices.<\/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-BO-above-Bear-TL-Test-Top-of-Triangle.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-BO-above-Bear-TL-Test-Top-of-Triangle-680x383.jpg\" alt=\"Crude Oil Daily: BO above Bear TL, Test Top of Triangle\" class=\"wp-image-211319\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-BO-above-Bear-TL-Test-Top-of-Triangle-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-BO-above-Bear-TL-Test-Top-of-Triangle-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-BO-above-Bear-TL-Test-Top-of-Triangle-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-BO-above-Bear-TL-Test-Top-of-Triangle-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Daily-BO-above-Bear-TL-Test-Top-of-Triangle.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 traded sideways to up for the week with a small pullback on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-pullback\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls can\u00a0create consecutive bull bars trading far above the 20-day\u00a0EMA and the bear trend line. 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>The bulls got a strong breakout trading far above the 20-day\u00a0EMA and the bear trend line.<\/li>\n\n\n\n<li>They see the move down to June 4 simply as a deep pullback.\u00a0<\/li>\n\n\n\n<li>They got 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 move up since June 4 is in a tight bull channel and the bulls have a 6-bar bull micro channel. That means persistent buying.<\/li>\n\n\n\n<li>The bulls need to create a breakout above the expanding triangle with follow-through buying to increase the odds of a retest of the\u00a0April high.<\/li>\n\n\n\n<li>If there is a pullback, the bulls want the 20-day EMA to act as support.<\/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 deep pullback.<\/li>\n\n\n\n<li>They want the market to stall around the current levels (around the expanding triangle high) followed by a retest of the June 4 low.<\/li>\n\n\n\n<li>They want a reversal from a double top bear flag (May 29 and Jun 21) and a lower high.<\/li>\n\n\n\n<li>The problem with the bear\u2019s case is that the move up since June 4 is very strong.<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows to indicate that they are back in control.<\/li>\n\n\n\n<li>So far, the market is trading slightly above the middle of the trading range which is an area of balance and a magnet.<\/li>\n\n\n\n<li>The move up from June 4 is in a tight bull channel with strong bull bars closing near their highs.<\/li>\n\n\n\n<li>The odds slightly favor the market to still be in the sideways-to-up phase still and favor at least a small second leg sideways-to-up after a small pullback.<\/li>\n\n\n\n<li>If a pullback begins, traders will see the strength of the pullback.<\/li>\n\n\n\n<li>If it is weak and shallow, holding above the middle of the trading range and the 20-day EMA, the odds of a retest of the current leg extreme (now Jun 21 high) will increase.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Sidenote: The prospect of a broadening war in the Middle East can cause volatility in energy prices.<\/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 Crude Oil bulls need follow-through buying following this week&#8217;s breakout above the bear trend line. They also need to create a breakout above the expanding triangle top. The bears want a reversal from a lower high major trend reversal, from a double top bear flag (May 29 and Jun [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":211316,"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-211177","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-Bulls-Need-BO-and-FT-Buying.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\/211177","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=211177"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/211177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/211316"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=211177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=211177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=211177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}