The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-FT-Bull-Bar-No-Breakout-Yet-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 bull bar with a small body closing above the middle of its range with long tails above and below.<\/li>\n\n\n\n
- Last week<\/a>, we said the market may still trade at least a little higher. Traders would see if the bulls could create a follow-through bull bar or if the market would form a pullback closing below the 20-week EMA instead.<\/li>\n\n\n\n
- Crude Oil traded higher early in the week followed by a pullback to test the 20-week EMA. The market then reversed to close the week higher.<\/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) and a wedge (Jun 4, Aug 5, and Sep 10).<\/li>\n\n\n\n
- They got a failed breakout below the triangle and a reversal to the middle of the trading range.<\/li>\n\n\n\n
- This week, they got a retest of the triangle high but there was no strong breakout yet.<\/li>\n\n\n\n
- While this week\u2019s bull body was small, it was enough to indicate some follow-through buying.<\/li>\n\n\n\n
- The bulls 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
- Previously, the bears 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 8).<\/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 a bull bar with a small body and long tails, it is not a good signal bar.<\/li>\n\n\n\n
- The long tails above and below the candlestick also indicate poor follow-through and frequent reversals which is the hallmark of trading range price action.<\/li>\n\n\n\n
- For now, the market may still be in the sideways to up phase.<\/li>\n\n\n\n
- Traders will see if the bulls can create another follow-through bull bar breaking above the triangle top.<\/li>\n\n\n\n
- Or will the market start to stall and form a pullback closing below the 20-week EMA instead?<\/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
- 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 ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Test-Top-of-Triangle-LH-or-Breakout-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded higher early in the week but reversed into a big outside bear bar on Tuesday. Wednesday tested the 20-day EMA but closed with a long tail below. Thursday traded higher followed by an inside doji on Friday.<\/li>\n\n\n\n
- Previously<\/a>, we said that traders would see if the bears could create more follow-through selling to retest the Sep 10 low or if the market would stall at a higher low and form a retest of the September 24 high instead.<\/li>\n\n\n\n
- The market formed a higher low and retested the triangle top.<\/li>\n\n\n\n
- The bears see the current move as a pullback and want a small retest of the prior leg low (Sep 10), even if it forms a higher low.<\/li>\n\n\n\n
- They want a reversal from a double top bear flag (Aug 26 and Oct 8) and hope the top of the triangle will act as resistance.<\/li>\n\n\n\n
- They see Thursday as a pullback and want a second leg sideways to down.<\/li>\n\n\n\n
- The bulls 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
- They then got a reversal from a higher low major trend reversal (Oct 1) to retest the top of the triangle but there is no strong breakout yet.<\/li>\n\n\n\n
- The bulls must create consecutive bull bars closing near their highs breaking far above the August high to increase the odds of a breakout above the triangle pattern.<\/li>\n\n\n\n
- So far, the move up from the October 1 low has stronger bull bars than bear bars that lacked follow-through selling (Oct 9).<\/li>\n\n\n\n
- The market may still be in the sideways to up phase.<\/li>\n\n\n\n
- Traders will see if the bulls can create more follow-through buying (probably early next week).<\/li>\n\n\n\n
- Or will the market trade slightly higher but form a double top with the October 8 high instead?<\/li>\n\n\n\n
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n
- The market is trading around the middle of the trading range which is an area of balance.<\/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 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-Weekly-FT-Bull-Bar-No-Breakout-Yet.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 bull bar with a small body closing above the middle of its range with long tails above and below.<\/li>\n\n\n\n
- Last week<\/a>, we said the market may still trade at least a little higher. Traders would see if the bulls could create a follow-through bull bar or if the market would form a pullback closing below the 20-week EMA instead.<\/li>\n\n\n\n
- Crude Oil traded higher early in the week followed by a pullback to test the 20-week EMA. The market then reversed to close the week higher.<\/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) and a wedge (Jun 4, Aug 5, and Sep 10).<\/li>\n\n\n\n
- They got a failed breakout below the triangle and a reversal to the middle of the trading range.<\/li>\n\n\n\n
- This week, they got a retest of the triangle high but there was no strong breakout yet.<\/li>\n\n\n\n
- While this week\u2019s bull body was small, it was enough to indicate some follow-through buying.<\/li>\n\n\n\n
- The bulls 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
- Previously, the bears 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 8).<\/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 a bull bar with a small body and long tails, it is not a good signal bar.<\/li>\n\n\n\n
- The long tails above and below the candlestick also indicate poor follow-through and frequent reversals which is the hallmark of trading range price action.<\/li>\n\n\n\n
- For now, the market may still be in the sideways to up phase.<\/li>\n\n\n\n
- Traders will see if the bulls can create another follow-through bull bar breaking above the triangle top.<\/li>\n\n\n\n
- Or will the market start to stall and form a pullback closing below the 20-week EMA instead?<\/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
- 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 ongoing \/ escalating conflict in the Middle East can keep energy prices volatile.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- The market traded higher early in the week but reversed into a big outside bear bar on Tuesday. Wednesday tested the 20-day EMA but closed with a long tail below. Thursday traded higher followed by an inside doji on Friday.<\/li>\n\n\n\n
- Previously<\/a>, we said that traders would see if the bears could create more follow-through selling to retest the Sep 10 low or if the market would stall at a higher low and form a retest of the September 24 high instead.<\/li>\n\n\n\n
- The market formed a higher low and retested the triangle top.<\/li>\n\n\n\n
- The bears see the current move as a pullback and want a small retest of the prior leg low (Sep 10), even if it forms a higher low.<\/li>\n\n\n\n
- They want a reversal from a double top bear flag (Aug 26 and Oct 8) and hope the top of the triangle will act as resistance.<\/li>\n\n\n\n
- They see Thursday as a pullback and want a second leg sideways to down.<\/li>\n\n\n\n
- The bulls 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
- They then got a reversal from a higher low major trend reversal (Oct 1) to retest the top of the triangle but there is no strong breakout yet.<\/li>\n\n\n\n
- The bulls must create consecutive bull bars closing near their highs breaking far above the August high to increase the odds of a breakout above the triangle pattern.<\/li>\n\n\n\n
- So far, the move up from the October 1 low has stronger bull bars than bear bars that lacked follow-through selling (Oct 9).<\/li>\n\n\n\n
- The market may still be in the sideways to up phase.<\/li>\n\n\n\n
- Traders will see if the bulls can create more follow-through buying (probably early next week).<\/li>\n\n\n\n
- Or will the market trade slightly higher but form a double top with the October 8 high instead?<\/li>\n\n\n\n
- Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n
- The market is trading around the middle of the trading range which is an area of balance.<\/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 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 the market may still trade at least a little higher. Traders would see if the bulls could create a follow-through bull bar or if the market would form a pullback closing below the 20-week EMA instead.<\/li>\n\n\n\n