{"id":225301,"date":"2024-12-15T01:30:00","date_gmt":"2024-12-15T09:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=225301"},"modified":"2024-12-14T22:29:35","modified_gmt":"2024-12-15T06:29:35","slug":"weekly-crude-oil-wedge-bull-flag","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/weekly-crude-oil-wedge-bull-flag\/","title":{"rendered":"Weekly Crude Oil Wedge Bull Flag"},"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 wedge bull flag. The bulls want a breakout and a measured move based on the height of the tight trading range. The bears want the bear trend line or the 20-week EMA to act as resistance. If the market trades higher, they want the market to form a lower high and the top of the triangle to act as resistance.<\/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\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR-680x383.jpg\" alt=\"Crude Oil Weekly - No FT Selling, Bulls Want BO Above TTR, Weekly Crude Oil Wedge Bull Flag\" class=\"wp-image-225448\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR.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 bull bar closing near its high and above the 20-week EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-wedge-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may trade at least a little lower. Traders would see if the bears could create a breakout below the wedge bear flag (Oct 24, Nov 7, and Nov 22) or if the market would continue to trade within the 8-week tight trading range.<\/li>\n\n\n\n<li>The market continues to trade within the 8-week tight trading range. The bears were not able to create a breakout below the wedge bear flag.<\/li>\n\n\n\n<li>The bears want a retest of the October\/September lows and the bottom of the triangle from a wedge bear flag (Nov 7, Nov 22, and Dec 13).<\/li>\n\n\n\n<li>They want the bear trend line or the 20-week EMA to act as resistance.<\/li>\n\n\n\n<li>If the market trades higher, they want the market to form a lower high and the top of the triangle to act as resistance.<\/li>\n\n\n\n<li>The bulls see the current move as a three-legged pullback \u2013 a wedge bull flag (Oct 29, Nov 18, and Dec 6) and want a reversal to retest the top of the triangle.<\/li>\n\n\n\n<li>They need to create a follow-through bull bar breaking out above the wedge bull flag to increase the odds of testing the top of the triangle.<\/li>\n\n\n\n<li>They want a breakout and a measured move based on the height of the tight trading range.<\/li>\n\n\n\n<li>Since this week\u2019s candlestick is a bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n<li>The market may trade at least a little higher.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create a breakout above the wedge bull flag (Oct 29, Nov 18, and Dec 6) and test the top of the triangle.<\/li>\n\n\n\n<li>Or will the market continue to chop sideways within the 8-week tight trading range?<\/li>\n\n\n\n<li>The market has been trading sideways with overlapping candlesticks, poor follow-through and frequent reversals which means the market is in a tight trading range.<\/li>\n\n\n\n<li>The middle of the trading range is an area of balance and a magnet.<\/li>\n\n\n\n<li>The lower third of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The tight trading range also indicates that the market is in breakout mode. Traders will wait for a strong breakout from either direction with sustained follow-through buying or selling and trade in the direction of the breakout.<\/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\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-680x383.jpg\" alt=\"Crude Oil Daily - No FT Selling, Bulls Want BO Above TTR\" class=\"wp-image-225451\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR-1536x864.jpg 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/12\/Crude-Oil-Daily-No-FT-Selling-Bulls-Want-BO-Above-TTR.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 sideways to up for the week closing above the 20-day EMA.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/weekly-crude-oil-wedge-bear-flag\/\" target=\"_blank\" rel=\"noreferrer noopener\">Last week<\/a>, we said the market may trade at least a little lower. Traders would see if the bears could create follow-through selling, breaking below the Low 4 pattern or if the market would continue to chop sideways within the tight trading range instead.<\/li>\n\n\n\n<li>The market continues to chop sideways within the tight trading range.<\/li>\n\n\n\n<li>The bulls see the current move forming a wedge bull flag (Oct 19, Nov 18, and Dec 6).<\/li>\n\n\n\n<li>They want a breakout above the tight trading range to retest the top of the triangle and the October 8 high.<\/li>\n\n\n\n<li>They want a measured move based on the height of the tight trading range.<\/li>\n\n\n\n<li>The bears want a retest of the October and September lows followed by a breakout below the bottom of the triangle.<\/li>\n\n\n\n<li>They hope that this week was simply a pullback forming a larger Low 4 sell setup.<\/li>\n\n\n\n<li>They want the top of the tight trading range and the bear trend line to act as resistance.<\/li>\n\n\n\n<li>If the market trades higher, they want the market to form a lower high and the top of the triangle to act as resistance.<\/li>\n\n\n\n<li>So far, the candlesticks in the last 8 weeks have a lot of overlapping ranges which indicates tight trading range price action.<\/li>\n\n\n\n<li>Poor follow-through and reversals are hallmarks of a trading range.<\/li>\n\n\n\n<li>For now, traders will see if the bulls can create follow-through buying breaking above the November 7 high.<\/li>\n\n\n\n<li>Or will the market continue to chop sideways within the tight trading range instead?<\/li>\n\n\n\n<li>The lower third of the large trading range can be the buy zone of trading range traders.<\/li>\n\n\n\n<li>The middle of the trading range is an area of balance and a magnet.<\/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 tight trading range also indicates that the market is in breakout mode. Traders will wait for a strong breakout from either direction with sustained follow-through buying or selling and trade in the direction of the breakout.<\/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 wedge bull flag. The bulls want a breakout and a measured move based on the height of the tight trading range. The bears want the bear trend line or the 20-week EMA to act as resistance. If the market trades higher, they want [&hellip;]<\/p>\n","protected":false},"author":2836,"featured_media":225448,"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-225301","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\/12\/Crude-Oil-Weekly-No-FT-Selling-Bulls-Want-BO-Above-TTR.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\/225301","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=225301"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/225301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/225448"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=225301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=225301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=225301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}