The Monthly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Monthly-No-FT-Selling-Middle-of-Trading-Range-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The September 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 could create another follow-through bear bar, closing below the 20-month EMA and breaking below the triangle or if the market would continue to stall around the 20-month EMA area.<\/li>\n\n\n\n
- The market broke below the triangle in September but lacked follow-through selling.<\/li>\n\n\n\n
- Previously, the bears got a reversal from a lower high\u00a0major\u00a0trend reversal (Jul vs Apr), 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
- 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 see the current move as a pullback and want the market to stall at a lower high around the bear trend line area.<\/li>\n\n\n\n
- They want a reversal from a wedge bear flag with the first two legs being April 12 and July 5 highs.<\/li>\n\n\n\n
- The bulls\u00a0hope the recent sideways-to-down move (to Sep 10) is simply a two-legged pullback.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (Jun 4 and Sep 10) and a higher low. They also see a larger double bottom bull flag (Dec 13 and Sep 10).<\/li>\n\n\n\n
- They want a retest of the triangle high and a strong breakout above.<\/li>\n\n\n\n
- So far, October has traded sharply higher.<\/li>\n\n\n\n
- Traders will see if the bulls can create a strong bull bar closing above the 20-month EMA and testing the top of the triangle.<\/li>\n\n\n\n
- Or will the market trade higher (as it has now) but stall and close the month with a long tail or a bear body below the 20-month EMA instead?<\/li>\n\n\n\n
- The increasingly tight triangle pattern indicates that Crude Oil is in a breakout mode.<\/li>\n\n\n\n
- Because the market is also in a trading range (sideways overlapping candlesticks), traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with sustained follow-through buying\/selling.<\/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 broadening conflict in the Middle East will keep energy prices volatile.<\/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\/10\/Crude-Oil-Weekly-Big-Outside-Bull-Bar-Bulls-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 big outside bull bar closing in its upper half with a small tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears can create a follow-through bear bar or if the market would form a second leg sideways to up instead.<\/li>\n\n\n\n
- The market traded lower early in the week but reversed sharply higher after.<\/li>\n\n\n\n
- The bulls got a reversal from a double bottom bull flag (Jun 4 and Sept 10 or Dec 13 and Sep 10) or a wedge (Jun 4, Aug 5, and Sep 10).<\/li>\n\n\n\n
- They want a failed breakout below the triangle and the market to reverse to the middle of the trading range. They got what they wanted.<\/li>\n\n\n\n
- Next, the bulls want a retest of the triangle high and a strong breakout above.<\/li>\n\n\n\n
- They must create consecutive bull bars closing near their highs to increase the odds of a breakout above the triangle top.<\/li>\n\n\n\n
- If the market forms a pullback, they want another leg up completing the wedge with the first two legs being September 24 and October 4 highs.<\/li>\n\n\n\n
- Previously, the bears got a reversal from a double top bear flag (Aug 12 and Aug 26).<\/li>\n\n\n\n
- They got a breakout below the triangle but lacked follow-through selling.<\/li>\n\n\n\n
- They see the recent move as a two-legged pullback (Sep 24 and Oct 4). They want a reversal from a lower high and a double top bear flag (Aug 12 or Aug 26 high with Oct 4).<\/li>\n\n\n\n
- They want a retest of the September 10 low, even if it forms a higher low.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a big bull bar closing in its upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market may still trade at least a little higher.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a follow-through bull bar following this week\u2019s close above the 20-week EMA. If they do, that will increase the odds of a retest of the July or August high.<\/li>\n\n\n\n
- Or will the market form a pullback closing below the 20-week EMA instead?<\/li>\n\n\n\n
- Sometimes, the candlestick following an outside bar is an inside bar or has a lot of overlapping 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
- The market is trading around the middle of the large trading range which is an area of balance.<\/li>\n\n\n\n
- The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/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\/10\/Crude-Oil-Monthly-No-FT-Selling-Middle-of-Trading-Range.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- The September 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 could create another follow-through bear bar, closing below the 20-month EMA and breaking below the triangle or if the market would continue to stall around the 20-month EMA area.<\/li>\n\n\n\n
- The market broke below the triangle in September but lacked follow-through selling.<\/li>\n\n\n\n
- Previously, the bears got a reversal from a lower high\u00a0major\u00a0trend reversal (Jul vs Apr), 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
- 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 see the current move as a pullback and want the market to stall at a lower high around the bear trend line area.<\/li>\n\n\n\n
- They want a reversal from a wedge bear flag with the first two legs being April 12 and July 5 highs.<\/li>\n\n\n\n
- The bulls\u00a0hope the recent sideways-to-down move (to Sep 10) is simply a two-legged pullback.<\/li>\n\n\n\n
- They want a reversal from a double bottom bull flag (Jun 4 and Sep 10) and a higher low. They also see a larger double bottom bull flag (Dec 13 and Sep 10).<\/li>\n\n\n\n
- They want a retest of the triangle high and a strong breakout above.<\/li>\n\n\n\n
- So far, October has traded sharply higher.<\/li>\n\n\n\n
- Traders will see if the bulls can create a strong bull bar closing above the 20-month EMA and testing the top of the triangle.<\/li>\n\n\n\n
- Or will the market trade higher (as it has now) but stall and close the month with a long tail or a bear body below the 20-month EMA instead?<\/li>\n\n\n\n
- The increasingly tight triangle pattern indicates that Crude Oil is in a breakout mode.<\/li>\n\n\n\n
- Because the market is also in a trading range (sideways overlapping candlesticks), traders will BLSH (Buy Low, Sell High) until there is a breakout from either direction with sustained follow-through buying\/selling.<\/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 broadening conflict in the Middle East will keep energy prices volatile.<\/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 big outside bull bar closing in its upper half with a small tail above.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears can create a follow-through bear bar or if the market would form a second leg sideways to up instead.<\/li>\n\n\n\n
- The market traded lower early in the week but reversed sharply higher after.<\/li>\n\n\n\n
- The bulls got a reversal from a double bottom bull flag (Jun 4 and Sept 10 or Dec 13 and Sep 10) or a wedge (Jun 4, Aug 5, and Sep 10).<\/li>\n\n\n\n
- They want a failed breakout below the triangle and the market to reverse to the middle of the trading range. They got what they wanted.<\/li>\n\n\n\n
- Next, the bulls want a retest of the triangle high and a strong breakout above.<\/li>\n\n\n\n
- They must create consecutive bull bars closing near their highs to increase the odds of a breakout above the triangle top.<\/li>\n\n\n\n
- If the market forms a pullback, they want another leg up completing the wedge with the first two legs being September 24 and October 4 highs.<\/li>\n\n\n\n
- Previously, the bears got a reversal from a double top bear flag (Aug 12 and Aug 26).<\/li>\n\n\n\n
- They got a breakout below the triangle but lacked follow-through selling.<\/li>\n\n\n\n
- They see the recent move as a two-legged pullback (Sep 24 and Oct 4). They want a reversal from a lower high and a double top bear flag (Aug 12 or Aug 26 high with Oct 4).<\/li>\n\n\n\n
- They want a retest of the September 10 low, even if it forms a higher low.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a big bull bar closing in its upper half, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market may still trade at least a little higher.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create a follow-through bull bar following this week\u2019s close above the 20-week EMA. If they do, that will increase the odds of a retest of the July or August high.<\/li>\n\n\n\n
- Or will the market form a pullback closing below the 20-week EMA instead?<\/li>\n\n\n\n
- Sometimes, the candlestick following an outside bar is an inside bar or has a lot of overlapping 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
- The market is trading around the middle of the large trading range which is an area of balance.<\/li>\n\n\n\n
- The ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/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 bears can create a follow-through bear bar or if the market would form a second leg sideways to up instead.<\/li>\n\n\n\n