Brent Crude – Oil edges cautiously higher after mixed Chinese PMIs
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<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element"><strong>Strong run continues</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element"><strong>Chinese data doesn’t hinder the rally</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element"><strong>Momentum may be key as price approaches August highs</strong></li>
</ul>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element"><span data-slate-node="text">Oil prices are nudging higher again today, technically on course for a fifth day of gains in six in Brent – six in a row in WTI – although broadly speaking they’re just a little above the middle of what appears to be a newly established range.</span></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element"><span data-slate-node="text">Brent peaked near $88 a few weeks ago and bottomed around $82 last week as we await more direction on the economy and therefore demand. Data this week has been on the weaker side, although it’s the jobs report tomorrow we’re most interested in.</span></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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"><span data-slate-node="text">The Chinese PMIs overnight had something for everyone. Manufacturing was unexpectedly improved but still contracting at 49.7 while services were quite the opposite, expanding but at a slower pace than anticipated. All in all, it continues to paint the picture of a sluggish economy that’s showing few signs of bouncing back stronger.</span></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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"><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/giIRKCNtkOE?si=zyzCq0Yw0wLtmUs1" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
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<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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"><strong>Head and shoulders not meant to be</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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">The head and shoulders that formed over the last month appears to have failed before it even completed, with the recent rally taking the price above the peak of the right shoulder.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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"><strong>BCOUSD Daily</strong></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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"><a href="https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-807297" src="https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43-1024×507.png" alt="" width="620" height="307" srcset="https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43-1024×507.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43-300×149.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43-768×380.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43-1536×761.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/08/BCOUSD_2023-08-31_17-11-43.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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">Source – OANDA on Trading View</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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">While these formations are never perfect, as per the textbook, and it could be argued that a decline from here could still potentially qualify as a second right shoulder, that may be clutching at this point. It’s peaked a dollar above, even if it only looks relatively minor on the chart which suggests to me the previous formation – which is only complete with a break of the neckline – is now null and void. Perhaps I can be persuaded otherwise if the price heads south from here.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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">The question now is how bullish a signal this actually is? Are we going to see a run at this month’s highs? A break above $90? I’m not convinced at this stage.</p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{" data-slate-node="element" data-slate-fragment="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">Recent momentum looks quite healthy but which could be a promising sign. But that will only be put to the test as we near the previous highs around $88. If the MACD and stochastic keep making higher highs as the price approaches $88 then that would certainly look more promising.</p>
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