{"id":215800,"date":"2024-08-25T01:30:00","date_gmt":"2024-08-25T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=215800"},"modified":"2024-08-24T14:56:14","modified_gmt":"2024-08-24T21:56:14","slug":"weekly-crude-oil-trading-range","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-trading-range\/","title":{"rendered":"Weekly Crude Oil Trading Range"},"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 trading range around the middle of the large trading range. The bears hope this week was simply a pullback and want another retest of the August 5 low. The bulls want a reversal from a double bottom bull flag (Jun 4 and Aug 5), a wedge (Jun 4, Aug 5, and Aug 21), 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-Middle-of-TR-Higher-Low-Wedge.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-Higher-Low-Wedge-680x383.jpg\" alt=\"Crude Oil Weekly: Middle of TR, Higher Low, Wedge, Weekly Crude Oil Trading Range\" class=\"wp-image-215951\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Higher-Low-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Higher-Low-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Higher-Low-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Higher-Low-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Weekly-Middle-of-TR-Higher-Low-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 doji with a long tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-lower-high\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market is trading around the middle of the large trading range which is an area of balance. Traders will see if the bears can create a strong entry bar or if the market would retest the August 12 high instead.<\/li>\n\n\n\n<li>The market traded lower in the first half of the week but reversed to close in its upper half with a long tail below. The bears did not get a strong entry bar.<\/li>\n\n\n\n<li>Previously, the bears created a reversal from a lower high major trend reversal from around the top of the large triangle pattern.<\/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). They got that this week.<\/li>\n\n\n\n<li>The long tail below this week\u2019s candlestick indicates that the bears are not as strong as hoped.<\/li>\n\n\n\n<li>They hope this week was simply a pullback and want another retest of the August 5 low.<\/li>\n\n\n\n<li>The bulls see the move this week simply as a retest of the prior low (August 5).<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Jun 4 and Aug 5), a wedge (Jun 4, Aug 5, and Aug 21), and a higher low.<\/li>\n\n\n\n<li>They want a retest of the recent high (Aug 12).<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear doji with a long tail below, it is a weak sell signal bar for next week. \u00a0Because it closed in the upper half of its range, it can be a buy signal bar 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 and has been acting as a magnet.<\/li>\n\n\n\n<li>The two consecutive doji(s) and sideways overlapping candlesticks (in the last 5 weeks) indicate trading range price action.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>The odds for the bulls and the bears are quite equal.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create a strong entry bar closing above the 20-week EMA.<\/li>\n\n\n\n<li>Or will the market trade slightly higher (perhaps early next week) but stall and reverse back below the 20-week EMA?<\/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>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-Higher-Low-Wedge.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-Higher-Low-Wedge-680x383.jpg\" alt=\"Crude Oil Daily: Middle of TR, Higher Low, Wedge\" class=\"wp-image-215954\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Higher-Low-Wedge-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Higher-Low-Wedge-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Higher-Low-Wedge-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Higher-Low-Wedge-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/08\/Crude-Oil-Daily-Middle-of-TR-Higher-Low-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>The market traded lower in the first half of the week but reversed higher from Thursday onwards to close around the middle of the trading range.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-lower-high\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the middle of the trading range is an area of balance and a magnet. Traders will see if the bulls can create a small sideways to up leg to retest the August 12 high or if the market would continue to stall and form a strong bear leg to retest the August 5 low.<\/li>\n\n\n\n<li>The bulls see this week simply as a retest of the prior low (August 5).<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Jun 4 and Aug 5), a wedge (Jun 4, Aug 5, and Aug 21), and a higher low.<\/li>\n\n\n\n<li>They hope to get a retest of the Aug 12 high followed by a breakout testing the triangle top.<\/li>\n\n\n\n<li>The bears got 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>The market tested the bottom of the triangle but lacked follow-through selling. The bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n<li>If the market trades higher, they want a reversal from a double top bear flag 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>The odds for the bulls and the bears are quite equal.<\/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 (perhaps early next week) with follow-through buying.<\/li>\n\n\n\n<li>Or will the market trade slightly higher but stall and reverse lower?<\/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 trading range around the middle of the large trading range. The bears hope this week was simply a pullback and want another retest of the August 5 low. The bulls want a reversal from a double bottom bull flag (Jun 4 and Aug [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":215951,"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-215800","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-Higher-Low-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\/215800","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=215800"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/215800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/215951"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=215800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=215800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=215800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}