The Monthly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Monthly-No-FT-Bull-Bar-Middle-of-Trading-Range-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The July monthly Crude Oil candlestick was a bear bar closing around the middle of its range with long tails above and below.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bull can create a follow-through bull bar breaking above the bear trend line or will the market trade slightly higher but stall around the bear trend line area.<\/li>\n\n\n\n
- The market traded higher earlier in the month but stalled. It then traded sideways to down for the rest of the month from mid-month onward.<\/li>\n\n\n\n
- The bears want a reversal from a lower high\u00a0major\u00a0trend reversal, a wedge bear flag (Sep 28, Apr 12, and Jul 5), and a double top bear flag (Apr 12 and Jul 5).<\/li>\n\n\n\n
- They want the bear trend line to act as resistance. So far this is the case.<\/li>\n\n\n\n
- They want the market to close below the 20-month EMA in August followed by a breakout below the triangle pattern.<\/li>\n\n\n\n
- The bulls\u00a0were not able to\u00a0get a\u00a0follow-through bull bar and a strong\u00a0breakout above the triangle in July. The market formed a lower high.<\/li>\n\n\n\n
- The bulls hope that the current sideways-to-down move is simply a pullback.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (with Jun 4) and a higher low.<\/li>\n\n\n\n
- They want the 20-month EMA and the bull trend line to continue acting as support.<\/li>\n\n\n\n
- Since July was a bear bar closing around the middle of its range with prominent tails above and below, it is a sell signal bar albeit weaker.<\/li>\n\n\n\n
- Traders will see if the bears can create a follow-through bear bar closing below the 20-month EMA and breaking below the triangle.<\/li>\n\n\n\n
- Or will the market trade slightly lower (which it has done) but stall around the bull trend line area?<\/li>\n\n\n\n
- The market is trading around the 20-month EMA, which is the middle of the\u00a0large\u00a0trading range. It is an area of balance.<\/li>\n\n\n\n
- The market is in\u00a0a large\u00a0trading range (Trading range high:\u00a0September 29, Trading range low:\u00a0May 4).<\/li>\n\n\n\n
- 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
- 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
The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-FT-Selling-below-20-Week-EMA-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0candlestick on the\u00a0weekly Crude Oil chart<\/a> was a big bear bar closing near its low with a prominent tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bears can get a follow-through bear bar or will the market stall and reverse above the 20-week EMA.<\/li>\n\n\n\n
- The market attempted to reverse above the 20-week EMA in midweek but lacked follow-through buying. The market continued to trade lower on Thursday and Friday.<\/li>\n\n\n\n
- 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
- 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
- The bears managed to create a 5-bar bear microchannel which means persistent selling.<\/li>\n\n\n\n
- If there is a pullback (bounce), the bears want at least a small second leg sideways to down to retest the current leg low (now Aug 2).<\/li>\n\n\n\n
- They want the 20-week EMA to act as resistance.<\/li>\n\n\n\n
- Previously, the bulls had a 5-bar bull microchannel but have not been able to create a breakout above the triangle pattern.<\/li>\n\n\n\n
- 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
- They want a reversal from a double bottom bull flag (Jun 4 and Aug 2) and a higher low.<\/li>\n\n\n\n
- They want the bull trend line to act as support.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n
- The market may still trade at least a little lower.<\/li>\n\n\n\n
- However, the selloff is also slightly climactic.<\/li>\n\n\n\n
- There may be a minor pullback (bounce) followed by a second leg sideways to down in the weeks ahead.<\/li>\n\n\n\n
- Traders will see if the bears can continue to create follow-through selling.<\/li>\n\n\n\n
- Or will the market trade slightly lower but stall, beginning the minor pullback phase?<\/li>\n\n\n\n
- The market is trading around the middle of the large trading range which is an area of balance.<\/li>\n\n\n\n
- The market is in\u00a0a large\u00a0trading range (Trading range high:\u00a0September 29, Trading range low:\u00a0May 4).<\/li>\n\n\n\n
- 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
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n
- Side note: The ongoing turmoil in the Middle East can cause volatility in energy prices.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Monthly-No-FT-Bull-Bar-Middle-of-Trading-Range.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The July monthly Crude Oil candlestick was a bear bar closing around the middle of its range with long tails above and below.<\/li>\n\n\n\n
- Last month<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders will see if the bull can create a follow-through bull bar breaking above the bear trend line or will the market trade slightly higher but stall around the bear trend line area.<\/li>\n\n\n\n
- The market traded higher earlier in the month but stalled. It then traded sideways to down for the rest of the month from mid-month onward.<\/li>\n\n\n\n
- The bears want a reversal from a lower high\u00a0major\u00a0trend reversal, a wedge bear flag (Sep 28, Apr 12, and Jul 5), and a double top bear flag (Apr 12 and Jul 5).<\/li>\n\n\n\n
- They want the bear trend line to act as resistance. So far this is the case.<\/li>\n\n\n\n
- They want the market to close below the 20-month EMA in August followed by a breakout below the triangle pattern.<\/li>\n\n\n\n
- The bulls\u00a0were not able to\u00a0get a\u00a0follow-through bull bar and a strong\u00a0breakout above the triangle in July. The market formed a lower high.<\/li>\n\n\n\n
- The bulls hope that the current sideways-to-down move is simply a pullback.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (with Jun 4) and a higher low.<\/li>\n\n\n\n
- They want the 20-month EMA and the bull trend line to continue acting as support.<\/li>\n\n\n\n
- Since July was a bear bar closing around the middle of its range with prominent tails above and below, it is a sell signal bar albeit weaker.<\/li>\n\n\n\n
- Traders will see if the bears can create a follow-through bear bar closing below the 20-month EMA and breaking below the triangle.<\/li>\n\n\n\n
- Or will the market trade slightly lower (which it has done) but stall around the bull trend line area?<\/li>\n\n\n\n
- The market is trading around the 20-month EMA, which is the middle of the\u00a0large\u00a0trading range. It is an area of balance.<\/li>\n\n\n\n
- The market is in\u00a0a large\u00a0trading range (Trading range high:\u00a0September 29, Trading range low:\u00a0May 4).<\/li>\n\n\n\n
- 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
- 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
The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- This\u00a0week\u2019s\u00a0candlestick on the\u00a0weekly Crude Oil chart<\/a> was a big bear bar closing near its low with a prominent tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bears can get a follow-through bear bar or will the market stall and reverse above the 20-week EMA.<\/li>\n\n\n\n
- The market attempted to reverse above the 20-week EMA in midweek but lacked follow-through buying. The market continued to trade lower on Thursday and Friday.<\/li>\n\n\n\n
- 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
- 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
- The bears managed to create a 5-bar bear microchannel which means persistent selling.<\/li>\n\n\n\n
- If there is a pullback (bounce), the bears want at least a small second leg sideways to down to retest the current leg low (now Aug 2).<\/li>\n\n\n\n
- They want the 20-week EMA to act as resistance.<\/li>\n\n\n\n
- Previously, the bulls had a 5-bar bull microchannel but have not been able to create a breakout above the triangle pattern.<\/li>\n\n\n\n
- 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
- They want a reversal from a double bottom bull flag (Jun 4 and Aug 2) and a higher low.<\/li>\n\n\n\n
- They want the bull trend line to act as support.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing near its low, it is a sell signal bar for next week.<\/li>\n\n\n\n
- The market may still trade at least a little lower.<\/li>\n\n\n\n
- However, the selloff is also slightly climactic.<\/li>\n\n\n\n
- There may be a minor pullback (bounce) followed by a second leg sideways to down in the weeks ahead.<\/li>\n\n\n\n
- Traders will see if the bears can continue to create follow-through selling.<\/li>\n\n\n\n
- Or will the market trade slightly lower but stall, beginning the minor pullback phase?<\/li>\n\n\n\n
- The market is trading around the middle of the large trading range which is an area of balance.<\/li>\n\n\n\n
- The market is in\u00a0a large\u00a0trading range (Trading range high:\u00a0September 29, Trading range low:\u00a0May 4).<\/li>\n\n\n\n
- 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
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n
- Side note: The ongoing turmoil in the Middle East can cause volatility in energy prices.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Last week<\/a>, we said that traders will see if the bears can get a follow-through bear bar or will the market stall and reverse above the 20-week EMA.<\/li>\n\n\n\n