{"id":221356,"date":"2024-10-27T01:30:00","date_gmt":"2024-10-27T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=221356"},"modified":"2024-10-26T12:44:44","modified_gmt":"2024-10-26T19:44:44","slug":"no-weekly-crude-oil-follow-through-selling","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/no-weekly-crude-oil-follow-through-selling\/","title":{"rendered":"No Weekly Crude Oil Follow-through Selling"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Crude Oil Futures<\/h2>\n\n\n\n<p>There was no weekly Crude Oil follow-through selling, closing as an inside bull bar near its high. The bulls want a reversal from a double bottom bull flag (Oct 1 and Oct 18). They must create consecutive bull bars closing near their highs to increase the odds of a retest of the October 8 high. The bears see this week simply as a pullback and want at least a small second leg sideways to down to retest the October 18 low.<\/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\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB-680x383.jpg\" alt=\"Crude Oil Weekly: No FT Selling, 3rd Leg up or PB? No Weekly Crude Oil Follow-through Selling\" class=\"wp-image-221487\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB.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 inside bull bar closing in its upper half.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-big-bear-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market may trade slightly lower. Traders will see if the bears can create a follow-through bear bar or if the market will trade slightly lower but close with a long tail or a bull body instead.<\/li>\n\n\n\n<li>The bulls saw the recent move as a deep pullback and want another leg up to complete the wedge pattern (the first two legs are September 24 and October 8).<\/li>\n\n\n\n<li>They want a reversal from a double bottom bull flag (Oct 1 and Oct 18).<\/li>\n\n\n\n<li>The bulls must create consecutive bull bars closing near their highs to increase the odds of a retest of the October 8 high.<\/li>\n\n\n\n<li>The bears got a reversal from a lower high and a double top bear flag (Aug 12 and Oct 8).<\/li>\n\n\n\n<li>However, they were not able to create a follow-through bear bar this week.<\/li>\n\n\n\n<li>They see this week simply as a pullback and want at least a small second leg sideways to down to retest the October 18 low.<\/li>\n\n\n\n<li>They want the 20-week EMA to act as resistance.<\/li>\n\n\n\n<li>Since this\u00a0week\u2019s\u00a0candlestick is an inside bull bar closing near its high, the market is in breakout mode.<\/li>\n\n\n\n<li>Odds favor the first breakout to be above this week\u2019s high.<\/li>\n\n\n\n<li>Traders will see if the bulls can create another follow-through bull bar closing above the 20-week EMA or if the market will trade slightly higher but close with a long tail or a bear body instead.<\/li>\n\n\n\n<li>The market is trading around the middle of the trading range which is an area of balance.<\/li>\n\n\n\n<li>The overlapping candlesticks, poor follow-through and frequent reversals are the hallmarks of trading range price action.<\/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 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\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low-680x383.jpg\" alt=\"Crude Oil Daily: Higher Low, 3rd Leg Up or Retest Sept Low?\" class=\"wp-image-221490\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/10\/Crude-Oil-Daily-Higher-Low-3rd-Leg-Up-or-Retest-Sept-Low.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 to the 20-day EMA early in the week. Thursday traded higher but reversed into an outside bar bar. There was no follow-through selling on Friday.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-big-bear-bar\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said that the market continues to be in a large trading range. Traders would see if the bears could continue to create bear bars to retest the September 10 low or if the bulls can create a reversal to retest the October 8 high from a higher low instead.<\/li>\n\n\n\n<li>The bears got a reversal from a double top bear flag (Aug 12 and Oct 8) and want a retest of the prior leg low (Sep 10), even if it forms a higher low.<\/li>\n\n\n\n<li>They see this week simply as a two-legged pullback and want at least a small second leg sideways to down to retest the recent leg low (Oct 18).<\/li>\n\n\n\n<li>If the market trades higher, they want another lower high and a reversal from a double top bear flag with the October 10 high.<\/li>\n\n\n\n<li>The bulls see the current move as a deep pullback. They want a reversal from a double bottom bull flag (Oct 1 and Oct 18) and a higher low major trend reversal.<\/li>\n\n\n\n<li>They want another leg up completing the wedge pattern with the first two legs being September 24 and October 8 highs.<\/li>\n\n\n\n<li>The bulls must create consecutive bull bars closing near their highs, trading above the 20-day EMA to increase the odds of a retest of the October 8 high.<\/li>\n\n\n\n<li>So far, the last 9 candlesticks have a lot of overlapping ranges which indicates tight trading ranges.<\/li>\n\n\n\n<li>The market is in a large trading range.<\/li>\n\n\n\n<li>Traders will see if the bears can create another leg down to retest the October 18 low.<\/li>\n\n\n\n<li>Or will the bulls be able to create another leg up to retest the Oct 10 or Oct 8 area 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 middle of the trading range can be an area of balance.<\/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 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 There was no weekly Crude Oil follow-through selling, closing as an inside bull bar near its high. The bulls want a reversal from a double bottom bull flag (Oct 1 and Oct 18). They must create consecutive bull bars closing near their highs to increase the odds of a retest [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":221487,"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-221356","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\/10\/Crude-Oil-Weekly-No-FT-Selling-3rd-Leg-up-or-PB.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\/221356","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=221356"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/221356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/221487"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=221356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=221356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=221356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}