Market Overview: Crude Oil Futures The Crude oil futures is still in the bear leg forming a 6-bar bear micro channel on the weekly chart. The bears hope that this week was simply a pullback and want a retest of the May 4 low. The bulls will need to create a follow-through bull bar to […]
Crude Oil Bear Leg within Trading Range
Market Overview: Crude Oil Futures The Crude oil futures formed a crude oil bear leg testing the March low. The bulls hope that the move is simply a sell vacuum and wants a reversal higher from a double bottom and a lower low major trend reversal. The bears want a strong breakout below the March […]
Crude Oil Failed Bear BO, Possible Small Second Leg Down
Market Overview: Crude Oil Futures The Crude Oil futures moved lower last week, but it was a failed Bear BO (breakout). Price rebounded strongly and finished with consecutive bull bars by Friday on the daily chart and a bad bear close on the weekly. After breaking a trend line, the bulls are setting up a […]
Crude Oil 6-Month Trading Range
Market Overview: Crude Oil Futures The Crude oil futures continue to trade sideways forming a 6-month trading range. The bulls want a retest and breakout above April 12 high. If the market trades lower, the bulls want a reversal up from a higher low major trend reversal. The bears want a follow-through bear bar in […]
Crude Oil Minor Pullback
Market Overview: Crude Oil Futures Crude oil minor pullback formed on the weekly chart, partially closing the gap. The bulls expect at least a small second leg sideways to up after the current pullback. The bears need to create follow-through selling to increase the odds of the start of the bear leg within the trading […]
Crude Oil Follow-through Buying
Market Overview: Crude Oil Futures The Crude oil futures bulls got follow-through buying this week following last week’s close above the 20-week exponential moving average. The bulls want a strong breakout above the 16-week trading range. The bears want the market to stall around the trading range high. If there is a breakout above, the […]
Crude Oil Gap Up Bull Doji
Market Overview: Crude Oil Futures Crude oil gap up above the 20-week exponential moving average on the weekly chart and formed a bull doji. The bulls need to create a strong breakout above the trading range high with follow-through buying to increase the odds of a reversal up. The bears want the market to stall […]
Crude Oil Failed Breakout
Market Overview: Crude Oil Futures The Crude oil futures looks like a Crude Oil failed breakout after trading far below the triangle and 16-week trading range but reversed higher into the trading range. The bears hope that the market will continue to trade sideways to down in April. The 4 consecutive doji(s) with prominent tails […]
Crude Oil Failed Bear Breakout
Market Overview: Crude Oil Futures The Crude oil futures traded slightly lower but had no follow-through selling on the weekly chart, a Crude Oil failed bear breakout. The bears hope that the move is simply a breakout test of the 16-week trading range low (breakout point) and wants at least a small second leg sideways […]
Crude Oil Strong Breakout
Market Overview: Crude Oil Futures Crude oil strong breakout below the 16-week trading range. They want a measured move down to around 57 using the height of the 16-week trading range. The bulls want a failed breakout and a reversal back into the middle of the trading range from a lower low major trend reversal […]