{"id":211659,"date":"2024-06-30T01:30:00","date_gmt":"2024-06-30T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=211659"},"modified":"2024-06-29T11:15:33","modified_gmt":"2024-06-29T18:15:33","slug":"no-crude-oil-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/no-crude-oil-breakout\/","title":{"rendered":"No Crude Oil Breakout"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>There is no Crude Oil breakout above the expanding triangle yet on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 26 and Jun 28) and from around the top of the broadening triangle. The bulls hope to get a strong breakout above 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>Monthly<\/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-Monthly-No-FT-Selling-Bulls-Want-BO.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Monthly-No-FT-Selling-Bulls-Want-BO-680x383.jpg\" alt=\"Crude Oil Monthly: No FT Selling, Bulls Want BO\" class=\"wp-image-211797\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Monthly-No-FT-Selling-Bulls-Want-BO-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Monthly-No-FT-Selling-Bulls-Want-BO-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Monthly-No-FT-Selling-Bulls-Want-BO-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Monthly-No-FT-Selling-Bulls-Want-BO-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Monthly-No-FT-Selling-Bulls-Want-BO.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 June monthly Crude Oil candlestick 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\/weekly-crude-oil-tight-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last month<\/a>, we said that the odds slightly favor the market to trade at least a little lower. Traders will see if the bears can create a follow-through bear bar closing below the 20-month EMA or will the market continue to stall around the 20-month EMA area.<\/li>\n\n\n\n<li>The market traded lower earlier in the month but reversed up thereafter for the rest of the month.<\/li>\n\n\n\n<li>The bears got a reversal from a lower high\u00a0major\u00a0trend reversal (Apr 12) and a wedge bear flag (Nov 7, Sep 28, and Apr 12).<\/li>\n\n\n\n<li>They wanted the market to close below the 20-month EMA (June) but did not get it. The bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n<li>If the market trades higher, they want the bear trend line to act as resistance.<\/li>\n\n\n\n<li>Previously, the bulls got a reversal from a higher low\u00a0major\u00a0trend reversal (December) and a double bottom bull flag (May 4\u00a0and\u00a0Dec 13).<\/li>\n\n\n\n<li>While the market traded higher, the bulls\u00a0were not able to\u00a0get a\u00a0strong\u00a0breakout above the bear trendline. The bull leg formed a lower high.<\/li>\n\n\n\n<li>The bulls hope that the recent sideways-to-down move is simply a pullback and want at least a small retest of the\u00a0April 12\u00a0high.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (May 4, Dec 13, and June 4) and a higher low.<\/li>\n\n\n\n<li>They hope to get a strong follow-through bull bar in July with the next targets being the April high and the September high.<\/li>\n\n\n\n<li>They want the 20-month EMA and the bull trend line to continue acting as support.<\/li>\n\n\n\n<li>Since June was a bull bar closing near its high, it is a buy signal bar for July.<\/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 bull can create a follow-through bull bar breaking above the bear trend line.<\/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 bear bars since the December low is becoming smaller with weaker follow-through (decreasing selling pressure).<\/li>\n\n\n\n<li>If the bulls can create sustained follow-through buying, we may start to see a retest of the trading range high in the months ahead.<\/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 sustained follow-through buying\/selling.<\/li>\n\n\n\n<li>The market is trading around the 20-month EMA, which is the middle of the\u00a0large\u00a0trading range. It can be a magnet and an area of balance.<\/li>\n\n\n\n<li>The possibility of a broadened military conflict in the Middle East will increase the volatility of energy prices.<\/li>\n<\/ul>\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-No-BO-above-Triangle-Yet.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet-680x383.jpg\" alt=\"Crude Oil Weekly: No BO above Triangle Yet, No Crude Oil Breakout\" class=\"wp-image-211800\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet.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 around the middle of its range with a long tail above.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-bulls-need-follow-through\/\">Last week<\/a>, we said that the market may still trade at least a little higher. Traders will see if the bulls can create another follow-through bull bar 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 bulls managed to create follow-through buying breaking above the bear trend line.<\/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>The next target for the bulls is the April 12\u00a0high.<\/li>\n\n\n\n<li>They hope to get a strong 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 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 three weeks as a deep pullback and want the market to reverse below the 20-week EMA.<\/li>\n\n\n\n<li>They want a reversal from a lower high major trend reversal, a double top bear flag (Apr 26 and Jun 28) 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 around the middle of its range (with a long tail above), it is not a strong sell signal bar for next.<\/li>\n\n\n\n<li>It is following a strong spike up and a 4-bar bull micro channel. There may be buyers below the first pullback.<\/li>\n\n\n\n<li>For now, odds slightly favor any pullback to be minor followed by a retest of the current leg extreme high (now Jun 28).<\/li>\n\n\n\n<li>Traders will see if the bulls can create a breakout above the broadening triangle or will the market stall around the current levels followed by a pullback towards the middle of the trading range (20-week EMA area).<\/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>The middle of the large trading range is an area of balance and a magnet.<\/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<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 There is no Crude Oil breakout above the expanding triangle yet on the weekly chart. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 26 and Jun 28) and from around the top of the broadening triangle. The bulls hope to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":211800,"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-211659","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\/06\/Crude-Oil-Weekly-No-BO-above-Triangle-Yet.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\/211659","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=211659"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/211659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/211800"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=211659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=211659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=211659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}