In today’s briefing:
- Bulls & Bears: Near-Term and Short-Term View on Oil Prices
- XME and XLE Longs Meeting Targets
Bulls & Bears: Near-Term and Short-Term View on Oil Prices
- Crude price movements have been almost entirely dictated by sentiment in the broader financial markets since around mid-June.
- Prices rose in the week to July 29 as part of a broader relief rally in risk assets. The rally is exhausted but may help resist sharp downswings for now.
- For the mid-Aug to mid-Sep period, we are mildly bullish.
XME and XLE Longs Meeting Targets
- XME and XLE long bets outlined on July 18 are meeting targets to unwind/reverse with XME displaying intermediate potential out of a bull wedge formation.
- Weak buy volumes on this rise fit with it being corrective in nature (vulnerable bounce), calling for a fresh bear test into September.
- XME bull wedge brewing and 40 macro support stand out as a macro bull set up from September into year-end.
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