Crude Oil traded lower after a small pullback bear trend

$Brent Last Day Financial - main 2402(BZmain)$

Crude Oil traded lower earlier in the week after a small pullback bear trend.

The bears got 3 pushes down, forming a wedge pattern.
They want a retest of the June or May lows, followed by a breakout below.

The bulls see the current move down simply as a bear leg within a trading range.
They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high.
They will need to create consecutive bull bars closing near their highs, trading far above the the trend line to increase the odds of higher prices.

Crude Oil remains in a 71-week trading range. Traders will Buy Low, Sell High in trading ranges until there is a breakout with sustained follow-through buying/selling.

At the moment, the market is trading near the lower third of the trading range which is the buy zone.

For now, the selloff since September has lasted a long time. A minor pullback can begin at any moment.

If a pullback begins, traders will see the strength of the pullback. If it remains weak and sideways, the odds of another strong leg down will increase.

Is the Rebound in Oil & Gas Sustainable?

Oil and natural gas prices rose sharply Monday after BP said it would pause all shipments through the Red Sea because of increased attacks on commercial vessels by Houthi militants from Yemen. -----------

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":253701546627112,"tweetId":"253701546627112","gmtCreate":1702960855458,"gmtModify":1702960861783,"author":{"id":9000000000000733,"idStr":"9000000000000733","authorId":9000000000000733,"authorIdStr":"9000000000000733","name":"littlesweetie","avatar":"https://static.tigerbbs.com/43a0aed7518f515997f95ed495391d65","vip":8,"userType":8,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":215,"starInvestorFlag":false},"themes":[{"themeId":"c67e64fc80d8480e9319b2c7086fa4b3","categoryId":"770db9836d2348e6a2ce970784159449","name":"Is the Rebound in Oil & Gas Sustainable?","type":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":c67e64fc80d8480e9319b2c7086fa4b3}&rnconfig={\"headerBarHidden\": true}","description":"Oil and natural gas prices rose sharply Monday after BP said it would pause all shipments through the Red Sea because of increased attacks on commercial vessels by Houthi militants from Yemen.\n-----------","image":"https://community-static.tradeup.com/news/d98bc387c8dced70bd3fa07443fd842e"}],"images":[{"img":"https://community-static.tradeup.com/news/a44c399f827d9f1c53217a10f73ef371","width":"1464","height":"636"}],"coverImages":[{"img":"https://community-static.tradeup.com/news/a44c399f827d9f1c53217a10f73ef371","width":"1464","height":"636"}],"title":"Crude Oil traded lower after a small pullback bear trend","html":"<html><head></head><body><p> <a data-mention-id=\"BZmain\" class=\"teditor-mention\" data-mention-name=\"Brent Last Day Financial - main 2402\" href=\"https://ttm.financial/FUT/BZmain\">$Brent Last Day Financial - main 2402(BZmain)$</a> <v-v data-views=\"0\"></v-v></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a44c399f827d9f1c53217a10f73ef371\" tg-width=\"1464\" tg-height=\"636\"></p><p>Crude Oil traded lower earlier in the week after a small pullback bear trend.<br><br>The bears got 3 pushes down, forming a wedge pattern.<br>They want a retest of the June or May lows, followed by a breakout below.<br><br>The bulls see the current move down simply as a bear leg within a trading range.<br>They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high.<br>They will need to create consecutive bull bars closing near their highs, trading far above the the trend line to increase the odds of higher prices.<br><br>Crude Oil remains in a 71-week trading range. Traders will Buy Low, Sell High in trading ranges until there is a breakout with sustained follow-through buying/selling.<br><br>At the moment, the market is trading near the lower third of the trading range which is the buy zone.<br><br>For now, the selloff since September has lasted a long time. A minor pullback can begin at any moment.<br><br>If a pullback begins, traders will see the strength of the pullback. If it remains weak and sideways, the odds of another strong leg down will increase.</p></body></html>","htmlText":"<html><head></head><body><p> <a data-mention-id=\"BZmain\" class=\"teditor-mention\" data-mention-name=\"Brent Last Day Financial - main 2402\" href=\"https://ttm.financial/FUT/BZmain\">$Brent Last Day Financial - main 2402(BZmain)$</a> <v-v data-views=\"0\"></v-v></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a44c399f827d9f1c53217a10f73ef371\" tg-width=\"1464\" tg-height=\"636\"></p><p>Crude Oil traded lower earlier in the week after a small pullback bear trend.<br><br>The bears got 3 pushes down, forming a wedge pattern.<br>They want a retest of the June or May lows, followed by a breakout below.<br><br>The bulls see the current move down simply as a bear leg within a trading range.<br>They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high.<br>They will need to create consecutive bull bars closing near their highs, trading far above the the trend line to increase the odds of higher prices.<br><br>Crude Oil remains in a 71-week trading range. Traders will Buy Low, Sell High in trading ranges until there is a breakout with sustained follow-through buying/selling.<br><br>At the moment, the market is trading near the lower third of the trading range which is the buy zone.<br><br>For now, the selloff since September has lasted a long time. A minor pullback can begin at any moment.<br><br>If a pullback begins, traders will see the strength of the pullback. If it remains weak and sideways, the odds of another strong leg down will increase.</p></body></html>","text":"$Brent Last Day Financial - main 2402(BZmain)$ Crude Oil traded lower earlier in the week after a small pullback bear trend. The bears got 3 pushes down, forming a wedge pattern. They want a retest of the June or May lows, followed by a breakout below. The bulls see the current move down simply as a bear leg within a trading range. They want a reversal from a wedge bull flag (Oct 6, Nov 16, and Dec 13) and a higher low major trend reversal. They hope to get a retest of the September high. They will need to create consecutive bull bars closing near their highs, trading far above the the trend line to increase the odds of higher prices. Crude Oil remains in a 71-week trading range. Traders will Buy Low, Sell High in trading ranges until there is a breakout with sustained follow-through buying/selling. At the moment, the market is trading near the lower third of the trading range which is the buy zone. For now, the selloff since September has lasted a long time. A minor pullback can begin at any moment. If a pullback begins, traders will see the strength of the pullback. If it remains weak and sideways, the odds of another strong leg down will increase.","highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/253701546627112","repostId":0,"isVote":1,"tweetType":1,"viewCount":658,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["BZmain"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":956,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/253701546627112"}