{"id":219240,"date":"2024-09-29T01:30:00","date_gmt":"2024-09-29T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=219240"},"modified":"2024-09-28T14:15:42","modified_gmt":"2024-09-28T21:15:42","slug":"crude-oil-bears-need-follow-through","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/crude-oil-bears-need-follow-through\/","title":{"rendered":"Crude Oil Bears Need Follow-through"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>Crude Oil bears need follow-through selling on the weekly chart. They see the recent move as a pullback and want a reversal from another lower high followed by another leg down completing the wedge pattern (with the first two legs being Aug 5 and Sep 10). The bulls hope to get another leg up to retest the September 24 high from a higher low major trend reversal.<\/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-DT-Bear-Flag-or-HL-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-DT-Bear-Flag-or-HL-MTR-680x383.jpg\" alt=\"Crude Oil Weekly: DT Bear Flag or HL MTR?, Crude Oil Bears Need Follow-through\" class=\"wp-image-219400\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-DT-Bear-Flag-or-HL-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-DT-Bear-Flag-or-HL-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-DT-Bear-Flag-or-HL-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-DT-Bear-Flag-or-HL-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Weekly-DT-Bear-Flag-or-HL-MTR.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 an outside bear bar with a prominent tail below.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-bull-entry-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the odds slightly favor the market to trade at least a little higher. Traders would see if the bulls can create a follow-through bull bar or if the market would trade slightly higher, but stall and close with a long tail or a bear body instead.<\/li>\n\n\n\n<li>The market traded higher testing near the 20-week EMA but reversed into an outside bear bar.<\/li>\n\n\n\n<li>The bulls got a reversal from a double bottom bull flag (Jun 4 and Sept 10) or a wedge (Jun 4, Aug 5, and Sep 10).<\/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>While the market tested near the middle of the trading range, the bulls couldn&#8217;t create a follow-through bull bar following last week\u2019s entry bar.<\/li>\n\n\n\n<li>They see this week as a pullback and a retest of the prior low (Sep 10).<\/li>\n\n\n\n<li>They hope to get another leg up to retest the September 24 high from a higher low major trend reversal.<\/li>\n\n\n\n<li>Previously, 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 but lacked follow-through selling.<\/li>\n\n\n\n<li>They see the recent move as a pullback and want a reversal from another lower high followed by another leg down completing the wedge pattern (with the first two legs being Aug 5 and Sep 10). <\/li>\n\n\n\n<li>They want a reversal from a double top bear flag (Aug 12 or Aug 26 high with Sep 24).<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a bear bar closing in its lower half, it is a sell signal bar for 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 a retest of the September 10 low.<\/li>\n\n\n\n<li>Or will the market form a second leg sideways to up instead?<\/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\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>The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/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-Retest-Prior-Low-or-HL-MTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Retest-Prior-Low-or-HL-MTR-680x383.jpg\" alt=\"Crude Oil Daily: Retest Prior Low or HL MTR?\" class=\"wp-image-219403\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Retest-Prior-Low-or-HL-MTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Retest-Prior-Low-or-HL-MTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Retest-Prior-Low-or-HL-MTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Retest-Prior-Low-or-HL-MTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/09\/Crude-Oil-Daily-Retest-Prior-Low-or-HL-MTR.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 formed a pullback on Monday followed by a breakout above last week\u2019s high on Tuesday. There was no follow-through buying and the market traded lower from midweek onwards. Friday was an inside bull bar.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-bull-entry-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the odds slightly favor buyers below the first pullback. Traders would see if the bulls can continue to create follow-through buying trading above the 20-day EMA to retest the middle of the trading range or if the market would trade slightly higher but stall around the bear trend line area.<\/li>\n\n\n\n<li>Previously, the bears got a breakout below the triangle pattern with follow-through selling.<\/li>\n\n\n\n<li>They see the recent move as a pullback and want at least a small second leg sideways to down to retest the prior leg low (Sep 10), even if it forms a higher low.<\/li>\n\n\n\n<li>They want the 20-day EMA or the bear trend line to act as resistance.<\/li>\n\n\n\n<li>The bears want a retest of the September 10 low followed by a breakout, completing the wedge pattern (with the first two legs being August 5 and Sep 10).<\/li>\n\n\n\n<li>The bulls want a failed breakout from the triangle pattern.<\/li>\n\n\n\n<li>They got a reversal from a double bottom bull flag (Jun 4 and Sep 10), a wedge (Jun 4, Aug 5, and Sep 10) and an embedded wedge (Sep 4, Sep 6, and Sep 10).<\/li>\n\n\n\n<li>They see this week simply as a pullback and a retest of the prior low (Sep 10).<\/li>\n\n\n\n<li>They want a reversal from a higher low major trend reversal and another leg up to retest the September 24 high.<\/li>\n\n\n\n<li>The bulls must create consecutive bull bars closing near their highs and trading far above the 20-day EMA to increase the odds of a reversal.<\/li>\n\n\n\n<li>For now, traders will see if the bears can create more follow-through selling to retest the Sep 10 low. If they do, that will increase the odds of a breakout attempt below it.<\/li>\n\n\n\n<li>Or will the market stall at a higher low and form a retest of the September 24 high instead?<\/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>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>The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/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 Crude Oil bears need follow-through selling on the weekly chart. They see the recent move as a pullback and want a reversal from another lower high followed by another leg down completing the wedge pattern (with the first two legs being Aug 5 and Sep 10). The bulls hope to [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":219400,"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-219240","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-DT-Bear-Flag-or-HL-MTR.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\/219240","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=219240"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/219240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/219400"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=219240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=219240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=219240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}