{"id":215248,"date":"2024-08-18T01:30:00","date_gmt":"2024-08-18T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=215248"},"modified":"2024-08-17T12:33:05","modified_gmt":"2024-08-17T19:33:05","slug":"weekly-crude-oil-lower-high","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-lower-high\/","title":{"rendered":"Weekly Crude Oil Lower High"},"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 lower high. The bears must create a strong entry bar to increase the odds of retesting the August 5 low and the triangle bottom. The bulls hope that this week was simply a pullback and want at last a small retest of the August 12 high.<\/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-Middle-of-TR-Lower-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Lower-High-680x383.jpg\" alt=\"Crude Oil Weekly: Middle of TR, Lower High, Weekly Crude Oil Lower High\" class=\"wp-image-215434\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Lower-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Lower-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Lower-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Lower-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Lower-High.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 doji closing in its lower half below the 20-week EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-double-bottom-bull-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may trade at least a little higher. Traders will see if the bulls can create a strong entry bar trading above the 20-week EMA or if the market would trade slightly higher but stall around the 20-week EMA area.<\/li>\n\n\n\n<li>The market traded higher early in the week but lacked follow-through buying. The market reversed to close below last week\u2019s high.<\/li>\n\n\n\n<li>Previously, the bears created 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 created a tight bear channel (Aug 5) which means persistent selling.<\/li>\n\n\n\n<li>They see the last two weeks simply as a pullback.<\/li>\n\n\n\n<li>They want at least a small second leg sideways to down to retest the recent leg low (Aug 5).<\/li>\n\n\n\n<li>The bears must create a strong entry bar to increase the odds of retesting the August 5 low and the triangle bottom.<\/li>\n\n\n\n<li>The bulls see the move to the August 5 low simply as a pullback and got a reversal from a double bottom bull flag (Jun 4 and Aug 5) and a higher low.<\/li>\n\n\n\n<li>They want a retest of the recent high (July 5).<\/li>\n\n\n\n<li>The market traded higher this week, but it formed a lower high and lacked follow-through buying. The bulls are not yet as strong as they hoped to be.<\/li>\n\n\n\n<li>They hope that this week was simply a pullback and want at last a small retest of the August 12 high.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear doji trading around the middle of the trading range, it is a neutral signal for next week.<\/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>Traders will see if the bears can create a strong entry bar.<\/li>\n\n\n\n<li>Or will the market retest the August 12 high instead?<\/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-Middle-of-TR-Lower-High.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Lower-High-680x383.jpg\" alt=\"Crude Oil Daily: Middle of TR, Lower High\" class=\"wp-image-215437\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Lower-High-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Lower-High-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Lower-High-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Lower-High-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Lower-High.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 higher early in the week testing the August 1 high but lacked follow-through buying. Crude Oil traded sideways to down for the rest of the week closing below the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/crude-oil-double-bottom-bull-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that traders would see if the bulls can continue to create follow-through buying or would 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>The bulls see the move to the August 5 low simply as a deep pullback testing the June 4 low and the bottom of the triangle.<\/li>\n\n\n\n<li>They got 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 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>They see this week as a pullback and want at least a small retest of the August 12 high.<\/li>\n\n\n\n<li>Previously, the bear got a strong retest of the June 4 low.<\/li>\n\n\n\n<li>They see the move higher in the last 2 weeks simply as a pullback.<\/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>They want a retest of the August 5 low from a double top bear flag (Aug 1 and Aug 12) and a lower high.<\/li>\n\n\n\n<li>If the market trades higher, they want a double top with the August 12 high.<\/li>\n\n\n\n<li>So far, the market continues to trade around 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 create a small sideways to up leg to retest the August 12 high.<\/li>\n\n\n\n<li>Or will the market continue to stall and form a strong bear leg to retest the August 5 low?<\/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 lower high. The bears must create a strong entry bar to increase the odds of retesting the August 5 low and the triangle bottom. The bulls hope that this week was simply a pullback and want at last a small retest of the [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":215434,"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-215248","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-Middle-of-TR-Lower-High.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\/215248","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=215248"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/215248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/215434"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=215248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=215248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=215248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}