{"id":214686,"date":"2024-08-11T01:30:00","date_gmt":"2024-08-11T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=214686"},"modified":"2024-08-10T12:06:14","modified_gmt":"2024-08-10T19:06:14","slug":"crude-oil-double-bottom-bull-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-double-bottom-bull-flag\/","title":{"rendered":"Crude Oil Double Bottom Bull Flag"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>The market formed a Crude Oil double bottom bull flag on the weekly chart. 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 5). The bulls want a reversal from a double bottom bull flag (Jun 4 and Aug 5) and a higher low.<\/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\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-of-TR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-of-TR-680x383.jpg\" alt=\"Crude Oil Weekly: No BO, Double Bottom Bull Flag, Mid of TR, Crude Oil Double Bottom Bull Flag\" class=\"wp-image-214859\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-of-TR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-of-TR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-of-TR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-of-TR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-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 bull reversal bar closing near its high with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/monthly-crude-oil-lower-high\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may still trade slightly lower, but the selloff is also climactic. Traders will see if the bears can continue to create follow-through selling or would the market trades slightly lower but stalls, beginning the minor pullback phase.<\/li>\n\n\n\n<li>The market traded lower early in the week but lacked follow-through selling. The market then traded sideways to up for the rest of the week.<\/li>\n\n\n\n<li>The bears 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>The bears managed to create a tight bear channel which means persistent selling.<\/li>\n\n\n\n<li>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 5).<\/li>\n\n\n\n<li>Previously, the bulls had a strong bull leg but couldn&#8217;t create a strong breakout above the triangle pattern.<\/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>They want a reversal from a double bottom bull flag (Jun 4 and Aug 5) and a higher low.<\/li>\n\n\n\n<li>They must create a strong bull entry bar with follow-through buying to increase the odds of retesting the July 5 high.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>The market may trade at least a little higher.<\/li>\n\n\n\n<li>Traders will see if the bulls can create a strong entry bar trading above the 20-week EMA.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but stall around the 20-week EMA area?<\/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\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-of-TR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-of-TR-680x383.jpg\" alt=\"Crude Oil Daily: Parabolic Wedge, TCL Overshoot, Mid of TR\" class=\"wp-image-214862\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-of-TR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-of-TR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-of-TR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-of-TR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Parabolic-Wedge-TCL-Overshoot-Mid-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>The market traded lower on Monday but lacked follow-through selling. Crude Oil then traded sideways to up for the rest of the week.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-pullback-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that 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>The market formed another leg down to retest the bottom of the triangle but there was no strong breakout.<\/li>\n\n\n\n<li>The bulls see the current move simply as a deep pullback testing the June 4 low and the bottom of the triangle.<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Jun 4 and Aug 5) and a parabolic wedge (Jul 23, Jul 30, and Aug 5).<\/li>\n\n\n\n<li>They want the market to reverse above the 20-day EMA and break above the bear trend line.<\/li>\n\n\n\n<li>They hope to get a retest of the July 5 high followed by a breakout above the triangle pattern with follow-through buying.<\/li>\n\n\n\n<li>The bear got a reversal around the top of the triangle from a double top bear flag (Apr 12 and Jul 5) and a lower high major trend reversal.<\/li>\n\n\n\n<li>They want a retest of the June 4 low. They got what they wanted.<\/li>\n\n\n\n<li>They see the move higher this week simply as a pullback (which can last at least 2 legs).<\/li>\n\n\n\n<li>They want the bear trend line or the 20-day EMA to act as resistance.<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from a double top bear flag with the August 1 high.<\/li>\n\n\n\n<li>At a minimum, they want a small sideways to down leg to retest the August 5 low.<\/li>\n\n\n\n<li>So far, the market has traded back to the middle of the trading range which is an area of balance and a magnet.<\/li>\n\n\n\n<li>Traders will see if the bulls can continue to create follow-through buying and a 2-legged sideways to up pullback trading far above the 20-day EMA and 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 or the August 1 high area?<\/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 Crude Oil double bottom bull flag on the weekly chart. 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 5). The bulls want a reversal from a double bottom [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":214859,"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-214686","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\/08\/Crude-Oil-Weekly-No-BO-Double-Bottom-Bull-Flag-Mid-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\/214686","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=214686"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/214686\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/214859"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=214686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=214686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=214686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}