{"id":212671,"date":"2024-07-14T01:30:00","date_gmt":"2024-07-14T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=212671"},"modified":"2024-07-14T02:32:56","modified_gmt":"2024-07-14T09:32:56","slug":"weekly-crude-oil-bull-leg","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-bull-leg\/","title":{"rendered":"Weekly Crude Oil Bull Leg"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The market formed a weekly Crude Oil bull leg in the form of a 5-bar bull micro channel. The bulls want a retest of the July 5 high and hope to get a strong breakout above the triangle pattern. The bears want a reversal from a lower high major trend reversal, a double top bear flag (Apr 12 and Jul 5) and from around the top of the large triangle pattern.<\/p>\n\n\n\n<p> <\/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\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge-680x383.jpg\" alt=\"Crude Oil Weekly: PB Following 5-Bar Bull MC &amp; MC Wedge, Weekly Crude Oil Bull Leg\" class=\"wp-image-212828\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge.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 bear bar closing around the middle of its range with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-tight-bull-channel\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that odds slightly favor any pullback to be minor followed by a retest of the current leg extreme high (Jul 5).<\/li>\n\n\n\n<li>The market formed a pullback trading below last week\u2019s low but reversed higher from midweek onward to close off its low.<\/li>\n\n\n\n<li>Previously, the bulls managed to create a breakout and follow-through buying trading above the 20-week EMA and the bear trend line.<\/li>\n\n\n\n<li>They had a 5-bar bull microchannel which means persistent buying.<\/li>\n\n\n\n<li>There may be buyers below the first pullback from such a strong bull microchannel.<\/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 triangle pattern.<\/li>\n\n\n\n<li>If there is a deeper pullback, the bulls want the 20-week EMA to act as support.<\/li>\n\n\n\n<li>The bears see the current move as a retest of the prior high (Apr 12).<\/li>\n\n\n\n<li>They want a reversal from a lower high major trend reversal, a double top bear flag (Apr 12 and Jul 5) and from around the top of the large triangle pattern.<\/li>\n\n\n\n<li>They need to create a follow-through bear bar next week to increase the odds of a deeper pullback.<\/li>\n\n\n\n<li>If the market trades higher, the bears want the market to stall around the July 5 high and form a micro double top.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing around the middle of its range, it is a sell signal bar albeit weak (long tail below).<\/li>\n\n\n\n<li>There may be buyers below the first pullback from such a strong bull microchannel.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a retest of the July 5 high and a strong breakout above the triangle with follow-through buying. If they do, the odds of a retest of the September high will increase.<\/li>\n\n\n\n<li>Or will the bears be able to create a follow-through bear bar and a pullback towards the middle of the trading range (20-week EMA area)?<\/li>\n\n\n\n<li>The middle of the large trading range is an area of balance and can be 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<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\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag-680x383.jpg\" alt=\"Crude Oil Daily: Strong Bull Leg, LH MTR, DT Bear Flag\" class=\"wp-image-212831\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Strong-Bull-Leg-LH-MTR-DT-Bear-Flag.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 lower early in the week but reversed higher from midweek onwards. Friday traded higher but reversed into a bear bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-tight-bull-channel\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said if a pullback begins, traders will see the strength of the pullback. If it is weak and shallow, and holding above the 20-day EMA, the odds of a retest of the current leg extreme (Jul 5 high) will increase.<\/li>\n\n\n\n<li>The market formed a retest of the July 5 high on Friday but it was a lower high.<\/li>\n\n\n\n<li>The bulls got a strong breakout trading far above the bear trend line, testing the triangle top.<\/li>\n\n\n\n<li>The move since June 4 is in a tight bull channel. That means persistent buying.<\/li>\n\n\n\n<li>The odds favor at least a small second leg sideways to up after a pullback. So far, the second leg sideways to up (this week) is not as strong as the Bulls hope it would be.<\/li>\n\n\n\n<li>If there is a deeper pullback, the bulls want the 20-day EMA to act as support.<\/li>\n\n\n\n<li>They want another retest of the July 5 high followed by a breakout with follow-through buying.<\/li>\n\n\n\n<li>The bulls need to create a breakout above the triangle and the April high with follow-through buying to increase the odds of a retest of the\u00a0September high.<\/li>\n\n\n\n<li>The bear sees the current move as a buy vacuum and a bull leg within a trading range, testing the prior high (April 12).<\/li>\n\n\n\n<li>They want the market to stall around the current levels (around the top of the triangle) 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 (Apr 12 and Jul 5) and a lower high major trend reversal (against the April high)<\/li>\n\n\n\n<li>They also see a micro double top (Jul 2 and Jul 5) and a smaller lower high major trend reversal (Jul 5 and Jul 12).<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows and trading below the 20-day EMA to indicate they are back in control.<\/li>\n\n\n\n<li>So far, the rally from June 4 is in a tight bull channel with stronger bull bars compared with bear bars that lacked sustained follow-through selling.<\/li>\n\n\n\n<li>Because the sideways-to-down pullback has just begun, the market may still be in the pullback phase early next week.<\/li>\n\n\n\n<li>Traders will see the strength of the pullback. If it is weak and shallow, and holding above the 20-day EMA, the odds of a retest of the current leg extreme (Jul 5 high) and subsequent breakout attempt will increase.<\/li>\n\n\n\n<li>For now, the odds slightly favor the current pullback to be minor.<\/li>\n\n\n\n<li>The market is trading in the upper third of the trading range which can be the sell zone of trading range traders.<\/li>\n\n\n\n<li>The top of the triangle can be a potential resistance area.<\/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 The market formed a weekly Crude Oil bull leg in the form of a 5-bar bull micro channel. The bulls want a retest of the July 5 high and hope to get a strong breakout above the triangle pattern. The bears want a reversal from a lower high major trend [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":212828,"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-212671","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\/07\/Crude-Oil-Weekly-PB-Following-5-Bar-Bull-MC-MC-Wedge.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\/212671","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=212671"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/212671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/212828"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=212671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=212671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=212671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}