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OIL: Chinese Stimulus & Geopolitical Risk Drives Rally, 50-Day EMAs Eyed

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Both Brent and WTI are through their initial resistance levels, printing above $75.50 and $72.00, respectively.

  • The Chinese monetary easing package, aiming to stimulate domestic demand as policymakers look to achieve their annual growth target, has been the key driver of the rally.
  • Elsewhere, our commodities team has noted that the market also remains nervous when it comes to the threat of an escalation in tensions between Israel and Hezbollah. That situation will likely be discussed at the UN today.
  • Bulls now target the 50-day EMAs, $76.45 in Brent & $72.38 in WTI.
  • Recoveries in crude are deemed corrective at this stage but breaks above those EMAs would aid bullish technical arguments. 
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Both Brent and WTI are through their initial resistance levels, printing above $75.50 and $72.00, respectively.

  • The Chinese monetary easing package, aiming to stimulate domestic demand as policymakers look to achieve their annual growth target, has been the key driver of the rally.
  • Elsewhere, our commodities team has noted that the market also remains nervous when it comes to the threat of an escalation in tensions between Israel and Hezbollah. That situation will likely be discussed at the UN today.
  • Bulls now target the 50-day EMAs, $76.45 in Brent & $72.38 in WTI.
  • Recoveries in crude are deemed corrective at this stage but breaks above those EMAs would aid bullish technical arguments.