The Monthly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Monthly-DT-Bear-Flag-Middle-of-Trading-Range-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The August monthly Crude Oil candlestick was a bear bar closing slightly below the middle of its range with a long tail below.<\/li>\n\n\n\n
- Last month<\/a>, we said that traders would see if the bears can create a follow-through bear bar closing below the 20-month EMA and breaking below the triangle or if the market would trade slightly lower but stall around the bull trend line area.<\/li>\n\n\n\n
- The market traded lower but had no strong breakout from the bull trend line. The monthly candlestick closed near the 20-month EMA, the middle of the trading range.<\/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 managed to get a follow-through bear bar in August but the prominent tail below the recent candlesticks indicates that the bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n
- They want the market to close far below the 20-month EMA and a breakout below the triangle pattern.<\/li>\n\n\n\n
- The bulls\u00a0hope 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 (Jun 4 and Aug 5) and a higher low.<\/li>\n\n\n\n
- They want the 20-month EMA and the bull trend line to act as support.<\/li>\n\n\n\n
- Since August was a bear bar closing around the middle of its range with a prominent tail below, it is a sell signal bar albeit weaker.<\/li>\n\n\n\n
- Traders will see if the bears can create another 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 continue to stall around the 20-month EMA area?<\/li>\n\n\n\n
- The market trades around the 20-month EMA, 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<\/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\/09\/Crude-Oil-Weekly-Double-Top-Bear-Flag-Bears-Need-FT-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 bear bar closing near its low with a long tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bulls can create a strong entry bar closing above the 20-week EMA or if the market would trade slightly higher (perhaps early next week) but stall and reverse back below the 20-week EMA.<\/li>\n\n\n\n
- The market traded higher early in the week but lacked follow-through buying and reversed to close below the 20-week EMA.<\/li>\n\n\n\n
- 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
- They want a retest of the recent leg low (Aug 5) and the bull trend line.<\/li>\n\n\n\n
- They want a reversal from a double top bear flag (Aug 12 and Aug 26).<\/li>\n\n\n\n
- 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.<\/li>\n\n\n\n
- They want a retest of the recent high (Aug 12). While the market traded higher this week, the lack of follow-through buying indicates that the bulls are not yet as strong as they hope to be.<\/li>\n\n\n\n
- If the market trades lower, the bulls hope that the bull trend line will 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 trade slightly lower (probably early in the week).<\/li>\n\n\n\n
- Traders will see if the bears can create a strong follow-through bear bar. If they do, that will increase the odds of a retest and breakout attempt below the triangle.<\/li>\n\n\n\n
- Or will the market trade slightly lower, but stall and reverse to close with a long tail or a bull body?<\/li>\n\n\n\n
- 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
- The sideways overlapping candlesticks (in the last 6 weeks) indicate trading range price action.<\/li>\n\n\n\n
- Poor follow-through and reversals are hallmarks of a trading range.<\/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
- 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\/09\/Crude-Oil-Monthly-DT-Bear-Flag-Middle-of-Trading-Range.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The August monthly Crude Oil candlestick was a bear bar closing slightly below the middle of its range with a long tail below.<\/li>\n\n\n\n
- Last month<\/a>, we said that traders would see if the bears can create a follow-through bear bar closing below the 20-month EMA and breaking below the triangle or if the market would trade slightly lower but stall around the bull trend line area.<\/li>\n\n\n\n
- The market traded lower but had no strong breakout from the bull trend line. The monthly candlestick closed near the 20-month EMA, the middle of the trading range.<\/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 managed to get a follow-through bear bar in August but the prominent tail below the recent candlesticks indicates that the bears are not yet as strong as they hoped to be.<\/li>\n\n\n\n
- They want the market to close far below the 20-month EMA and a breakout below the triangle pattern.<\/li>\n\n\n\n
- The bulls\u00a0hope 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 (Jun 4 and Aug 5) and a higher low.<\/li>\n\n\n\n
- They want the 20-month EMA and the bull trend line to act as support.<\/li>\n\n\n\n
- Since August was a bear bar closing around the middle of its range with a prominent tail below, it is a sell signal bar albeit weaker.<\/li>\n\n\n\n
- Traders will see if the bears can create another 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 continue to stall around the 20-month EMA area?<\/li>\n\n\n\n
- The market trades around the 20-month EMA, 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<\/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 bear bar closing near its low with a long tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bulls can create a strong entry bar closing above the 20-week EMA or if the market would trade slightly higher (perhaps early next week) but stall and reverse back below the 20-week EMA.<\/li>\n\n\n\n
- The market traded higher early in the week but lacked follow-through buying and reversed to close below the 20-week EMA.<\/li>\n\n\n\n
- 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
- They want a retest of the recent leg low (Aug 5) and the bull trend line.<\/li>\n\n\n\n
- They want a reversal from a double top bear flag (Aug 12 and Aug 26).<\/li>\n\n\n\n
- 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.<\/li>\n\n\n\n
- They want a retest of the recent high (Aug 12). While the market traded higher this week, the lack of follow-through buying indicates that the bulls are not yet as strong as they hope to be.<\/li>\n\n\n\n
- If the market trades lower, the bulls hope that the bull trend line will 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 trade slightly lower (probably early in the week).<\/li>\n\n\n\n
- Traders will see if the bears can create a strong follow-through bear bar. If they do, that will increase the odds of a retest and breakout attempt below the triangle.<\/li>\n\n\n\n
- Or will the market trade slightly lower, but stall and reverse to close with a long tail or a bull body?<\/li>\n\n\n\n
- 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
- The sideways overlapping candlesticks (in the last 6 weeks) indicate trading range price action.<\/li>\n\n\n\n
- Poor follow-through and reversals are hallmarks of a trading range.<\/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
- 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 would see if the bulls can create a strong entry bar closing above the 20-week EMA or if the market would trade slightly higher (perhaps early next week) but stall and reverse back below the 20-week EMA.<\/li>\n\n\n\n