{"id":217057,"date":"2024-09-08T01:30:00","date_gmt":"2024-09-08T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=217057"},"modified":"2024-09-08T00:57:07","modified_gmt":"2024-09-08T07:57:07","slug":"weekly-crude-oil-breakout","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-breakout\/","title":{"rendered":"Weekly Crude Oil Breakout"},"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 breakout below the triangle pattern. The next target for the bears is the December low. They need to create a follow-through bear bar to confirm the breakout. The bulls want a reversal from a double bottom bull flag (Jun 4 and Sept 6) or a wedge (Jun 4, Aug 5, and Sep 6).<\/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\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT-680x383.jpg\" alt=\"Crude Oil Weekly: Breakout Below Triangle, Bears Need FT, Weekly Crude Oil Breakout\" class=\"wp-image-217414\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT.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 big bear bar closing near its low.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/monthly-crude-oil-double-top-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said traders would see if the bears could create a strong follow-through bear bar. If they do, that will increase the odds of a retest and breakout attempt below the triangle. Or would the market trade slightly lower, but stall and reverse to close with a long tail or a bull body?<\/li>\n\n\n\n<li>The bears got a reversal from a double top bear flag (Aug 12 and Aug 26).<\/li>\n\n\n\n<li>They got a strong breakout below the triangle this week.<\/li>\n\n\n\n<li>They need to create a follow-through bear bar to confirm the breakout.<\/li>\n\n\n\n<li>The next target for the bears is the December low.<\/li>\n\n\n\n<li>The bulls want a reversal from a double bottom bull flag (Jun 4 and Sept 6) or a wedge (Jun 4, Aug 5, and Sep 6).<\/li>\n\n\n\n<li>They see the current move as a large two-legged pullback (Jun 4 and Sept 6).<\/li>\n\n\n\n<li>They want a failed breakout below the triangle and the market to reverse to the middle of the trading range.<\/li>\n\n\n\n<li>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<li>The market may still trade at least a lower next week.<\/li>\n\n\n\n<li>Traders will see if the bears can create a follow-through bear bar. If they do, that will increase the odds of retesting the December or May lows.<\/li>\n\n\n\n<li>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<li>The market is trading around the lower third of the large trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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<\/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\/09\/Crude-Oil-Daily-Breakout-Below-Triangle.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Breakout-Below-Triangle-680x383.jpg\" alt=\"Crude Oil Daily: Breakout Below Triangle\" class=\"wp-image-217417\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Breakout-Below-Triangle-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Breakout-Below-Triangle-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Breakout-Below-Triangle-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Breakout-Below-Triangle-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Breakout-Below-Triangle.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 for the week, breaking below the triangle pattern.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-trading-range\/\" target=\"_blank\" rel=\"noreferrer noopener\">Previously<\/a>, we said that traders would see if the bulls could retest the August 12 high with follow-through buying or if the market would trade slightly higher but stall and reverse lower.<\/li>\n\n\n\n<li>The market formed a retest of the August 12 high but stalled and reversed lower.<\/li>\n\n\n\n<li>The bears got a reversal from a double top bear flag (Aug 12 and Aug 26) and a lower high.<\/li>\n\n\n\n<li>They got a breakout below the triangle pattern with follow-through selling.<\/li>\n\n\n\n<li>If there is a pullback, the bears want at least a small second leg sideways to down to retest the current leg low (now Sep 6).<\/li>\n\n\n\n<li>The next target for the bears is the December low.<\/li>\n\n\n\n<li>The bulls want a failed breakout from the triangle pattern.<\/li>\n\n\n\n<li>They see the current move as a large two-legged pullback (Jun 4 and Sep 6).<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Jun 4 and Sep 6) or a wedge (Jun 4, Aug 5, and Sep 6).<\/li>\n\n\n\n<li>The bulls must create consecutive strong bull bars closing near their highs to increase the odds of a reversal.<\/li>\n\n\n\n<li>So far, the selloff from August 26 is in a tight bear channel.<\/li>\n\n\n\n<li>Odds slightly favor the market to trade at least a little lower.<\/li>\n\n\n\n<li>Traders will see if the bears can continue to create strong bear bars testing near the December low.<\/li>\n\n\n\n<li>Or will the market trade slightly lower but start to stall and reverse higher instead?<\/li>\n\n\n\n<li>The market is trading around the lower third of the large trading range which can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/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 breakout below the triangle pattern. The next target for the bears is the December low. They need to create a follow-through bear bar to confirm the breakout. The bulls want a reversal from a double bottom bull flag (Jun 4 and Sept 6) [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":217414,"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-217057","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\/09\/Crude-Oil-Weekly-Breakout-Below-Triangle-Bears-Need-FT.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\/217057","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=217057"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/217057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/217414"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=217057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=217057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=217057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}