Market Overview: Crude Oil Futures
The bulls desire a Crude Oil breakout to retest the highest of the triangle from a wedge bull flag (Oct 29, Nov 18, and Dec 6). The bears desire a retest of the October/September lows and the underside of the triangle from a wedge bear flag (Nov 7, Nov 22, and Dec 16). They need the highest of the tight buying and selling vary or the 20-week EMA to behave as resistance.
Crude oil futures
The Weekly crude oil chart
- This week’s candlestick on the weekly Crude Oil chart was a bear bar closing beneath the center of its vary and the 20-week EMA.
- Final week, we stated that merchants would see if the bulls might create a breakout above the wedge bull flag (Oct 29, Nov 18, and Dec 13) or if the market would proceed to cut sideways throughout the 9-week tight buying and selling vary.
- Up to now, the market continues to commerce throughout the 9-week tight buying and selling vary with no breakout from both path but.
- The bears desire a retest of the October/September lows and the underside of the triangle from a wedge bear flag (Nov 7, Nov 22, and Dec 16).
- They need the highest of the tight buying and selling vary or the 20-week EMA to behave as resistance.
- If the market trades greater, they need a decrease excessive and the highest of the triangle to behave as resistance.
- The bulls see the present transfer as a three-legged pullback – a wedge bull flag (Oct 29, Nov 18, and Dec 6) and desire a breakout to retest the highest of the triangle.
- They see this week merely as a pullback and desire a robust breakout adopted by a measured transfer primarily based on the peak of the tight buying and selling vary.
- For now, merchants will see if the bulls can create a breakout above the wedge bull flag (Oct 29, Nov 18, and Dec 6) and take a look at the highest of the triangle.
- Or will the market proceed to cut sideways and take a look at the underside of the tight buying and selling vary as an alternative?
- The market has been buying and selling sideways with overlapping candlesticks, poor follow-through and frequent reversals which implies the market is in a good buying and selling vary.
- The market is buying and selling across the center of the buying and selling vary which is an space of stability and a magnet.
- The decrease third of the big buying and selling vary may be the purchase zone of buying and selling vary merchants.
- The tight buying and selling vary additionally signifies that the market is in breakout mode. Merchants will anticipate a powerful breakout from both path, with sustained follow-through shopping for or promoting and commerce within the path of the breakout.
- Merchants will BLSH (Purchase Low, Promote Excessive) till there’s a breakout from both path with sustained follow-through shopping for/promoting.
The Every day crude oil chart
- The market traded sideways to down testing the 20-day EMA this week. Friday traded decrease however reversed right into a bull doji closing above the 20-day EMA.
- Final week, we stated that merchants would see if the bulls might create follow-through shopping for, breaking above the November 7 excessive or if the market would proceed to cut sideways throughout the tight buying and selling vary as an alternative.
- Up to now, the market continues to cut sideways throughout the tight buying and selling vary.
- The bulls see the present transfer forming a wedge bull flag (Oct 19, Nov 18, and Dec 6).
- They need a breakout above the tight buying and selling vary to retest the highest of the triangle and the October 8 excessive.
- They see this week as a pullback forming a small double backside bull flag (Dec 17 and Dec 20).
- They need a powerful breakout adopted by a measured transfer primarily based on the peak of the tight buying and selling vary.
- The bears desire a retest of the October and September lows adopted by a breakout beneath the underside of the triangle.
- They need the market to reverse decrease from a bigger Low 4 promote setup.
- They need the highest of the tight buying and selling vary and the bear development line to behave as resistance.
- If the market trades greater, they need a decrease excessive and the highest of the triangle to behave as resistance.
- Up to now, the candlesticks within the final 9 weeks have a whole lot of overlapping ranges which signifies tight buying and selling vary worth motion.
- Poor follow-through and reversals are hallmarks of a buying and selling vary.
- For now, merchants will see if the bulls can create a retest and a breakout above the tight buying and selling vary.
- Or will the market proceed to cut sideways and take a look at the underside of the tight buying and selling vary as an alternative?
- The decrease third of the big buying and selling vary may be the purchase zone of buying and selling vary merchants.
- The market is buying and selling across the center of the buying and selling vary which is an space of stability and a magnet.
- Merchants will BLSH (Purchase Low, Promote Excessive) till there’s a breakout from both path with sustained follow-through shopping for/promoting.
- The tight buying and selling vary additionally signifies that the market is in breakout mode. Merchants will anticipate a powerful breakout from both path with sustained follow-through shopping for or promoting and commerce within the path of the breakout.
Market evaluation stories archive
You’ll be able to entry all weekend stories on the Market Evaluation web page.
