Market Overview: Crude Oil Futures Crude oil futures weekly candlestick was a breakout below trading range and the bull trend line closing near its low. The bears want a measured move down using the height of the September to November trading range which will take them to around $56. The bulls want a failed breakout below […]
Crude Oil Outside Bear Bar, Lower Low Major Trend Reversal on Monthly
Market Overview: Crude Oil Futures The Crude Oil futures November candlestick was a Crude Oil outside bear bar with tails above and below. Bulls want a reversal higher from a lower low major trend reversal. The bears want a strong breakout below the 20-month exponential moving average and the major bull trend line with follow-through selling. Crude […]
Crude Oil Broke below Bear Trend Line
Market Overview: Crude Oil Futures The Crude Oil futures broke below bear trend line this week on the weekly chart. The bears need to create consecutive bear bars closing far below the bear trend line and September low to increase the odds of lower prices. The bulls hope that the current move down is a […]
Crude Oil Double Top Bear Flag, Higher Low MTR
Market Overview: Crude Oil Futures The Crude oil futures reversed lower from a crude oil double top bear flag. The bears need to break far below the major bull trend line to increase the odds of lower prices. Bulls want a reversal higher from a higher low MTR (major trend reversal). The major bull trend […]
Crude Oil Double Top Bear Flag, Outside Bar
Market Overview: Crude Oil Futures The Crude oil futures weekly candlestick formed a crude oil double top bear flag with October 10 high, closing as an outside bear bar. However, the long tail below makes it a weaker bear bar. Bears need a follow-through bear bar to increase the odds of a retest of the September low. […]
Crude Oil Second Leg Sideways to Up
Market Overview: Crude Oil Futures The Crude oil futures is forming a crude oil second leg sideways to up from a higher low major trend reversal (Oct 18) on the weekly chart. It is the second leg up re-testing October 10 high. Bulls want a follow-through bull bar after breaking above the 20-week exponential moving […]
Crude Oil Triggered High 2 Buy Signal
Market Overview: Crude Oil Futures The Crude oil futures triggered the High 2 buy signal from a higher low major trend reversal (Oct 18). Bulls need a strong follow-through bar trading far above the 20-week exponential moving average and the bear trend line to increase the odds of higher prices. Bears hope that this is […]
Crude Oil No Follow-through bear bar
The Crude oil futures traded lower but the bears failed to get a follow-through bear bar and the market closed as a bull doji. The bears hope that this week was simply a pullback and want a second leg sideways to down to re-test the September low. The bulls want a second leg sideways to up re-testing October 7 high. Bulls will likely attempt to trigger the High 2 buy signal by trading above this week’s high.
Crude Oil No Bull Follow-through, 50% PB
Market Overview: Crude Oil Futures Crude oil no bull follow-through after last week’s surprise big bull bar. Bulls see this simply as a 50% pullback following last week’s climactic rally and want at least a small second leg sideways to up. Bears want a retest of Sept low. If next week closes as a bear follow-through […]
Crude Oil No Follow-through Selling on Weekly Chart
Market Overview: Crude Oil Futures The Crude oil futures continue to trade lower in a tight bear channel. However, there is a lot of overlapping price action on the weekly chart (crude oil no follow-through) which means the bears are not yet as strong as they could have been. The bears failed to get follow-through selling following […]