{"id":213582,"date":"2024-07-28T01:30:00","date_gmt":"2024-07-28T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=213582"},"modified":"2024-07-28T01:13:06","modified_gmt":"2024-07-28T08:13:06","slug":"weekly-crude-oil-pullback-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-pullback-2\/","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>The market formed a weekly Crude Oil pullback testing the middle of the trading range. The bears need to create a follow-through bear bar to increase the odds of testing the bottom of the triangle. The bulls see the current move simply as a pullback and want at least a small retest of the recent high (July 5).<\/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-Close-below-20-Week-EMA-Middle-of-TR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-Close-below-20-Week-EMA-Middle-of-TR-680x383.jpg\" alt=\"Crude Oil Weekly: Close below 20-Week EMA, Middle of TR, Weekly Crude Oil Pullback\" class=\"wp-image-213736\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-Close-below-20-Week-EMA-Middle-of-TR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-Close-below-20-Week-EMA-Middle-of-TR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-Close-below-20-Week-EMA-Middle-of-TR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-Close-below-20-Week-EMA-Middle-of-TR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Weekly-Close-below-20-Week-EMA-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\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 in its lower half with a prominent tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-follow-through-selling\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/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 another follow-through bear bar or if the market trades slightly lower but stalls, closing with a long tail or a bull body.<\/li>\n\n\n\n<li>The market traded lower and closed below the 20-week EMA.<\/li>\n\n\n\n<li>The bears see the prior strong rally simply as a buy vacuum within a trading range and a retest of the prior high (Apr 12).<\/li>\n\n\n\n<li>They got 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>Since this week closed below the 20-week EMA, the bears need to create a follow-through bear bar to increase the odds of testing the bottom of the triangle.<\/li>\n\n\n\n<li>If there is a pullback (bounce), the bears want another leg down from a lower high major trend reversal. They want the top of the triangle to act as resistance.<\/li>\n\n\n\n<li>Previously, the bulls had a 5-bar bull microchannel which means persistent buying.<\/li>\n\n\n\n<li>However, the bulls have not yet been able to create a breakout above the triangle pattern.<\/li>\n\n\n\n<li>The bulls hope that the 20-week EMA will act as support.<\/li>\n\n\n\n<li>They see the current move simply as a pullback and want at least a small retest of the recent high (July 5).<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing below the middle of its range, it is a sell signal bar for next week.<\/li>\n\n\n\n<li>Traders will see if the bears can get a follow-through bear bar or will the market stall around the current area and reverse above the 20-week EMA.<\/li>\n\n\n\n<li>The market is trading around the middle of the large trading range which 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>Side note: The ongoing turmoil 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-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\/07\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-680x383.jpg\" alt=\"Crude Oil Daily: Pullback to Middle of Trading Range\" class=\"wp-image-213739\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/Crude-Oil-Daily-Pullback-to-Middle-of-Trading-Range-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/07\/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 traded lower earlier in the week followed by sideways trading. Thursday traded lower but reversed into a bull reversal bar but lacked follow-through buying on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-follow-through-selling\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to trade at least a little lower. Traders will see if there are follow-through selling early in the week. Or will the market trade slightly lower but stall and reverse up from a wedge bull flag?<\/li>\n\n\n\n<li>Previously, the bulls got a strong breakout trading far above the bear trend line, testing the triangle top.<\/li>\n\n\n\n<li>They see the current move simply as a pullback testing the middle of the trading range.<\/li>\n\n\n\n<li>They want a reversal from a wedge bull flag (Jul 10, Jul 16, and Jul 23) and a micro wedge (Jul 23, Jul 25, and Jul 26).<\/li>\n\n\n\n<li>They want the market to reverse above the 20-day EMA.<\/li>\n\n\n\n<li>They hope to get a retest of the July 5 high followed by a breakout with follow-through buying.<\/li>\n\n\n\n<li>The bear sees the recent rally 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 got a pullback from around the top of the triangle. They want 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 see the last 4 trading days simply as a pullback and want another strong leg down to retest the June 4 low.<\/li>\n\n\n\n<li>They need to create consecutive bear bars closing near their lows and trading far below the 20-day EMA to indicate they are back in control.<\/li>\n\n\n\n<li>So far, the market traded back to the middle of the trading range which is an area of balance.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a pullback to retest the July 5. Or will the bears get another leg down to retest the bottom of the triangle?<\/li>\n\n\n\n<li>If the sideways pullback (in the last 4 days) continues to have weak follow-through buying, we will likely see another sideways to down leg form after that.<\/li>\n\n\n\n<li>The market is trading around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>Side note: The ongoing turmoil 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 pullback testing the middle of the trading range. The bears need to create a follow-through bear bar to increase the odds of testing the bottom of the triangle. The bulls see the current move simply as a pullback and want at least a [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":213736,"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-213582","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-Close-below-20-Week-EMA-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\/213582","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=213582"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/213582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/213736"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=213582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=213582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=213582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}