Crude Oil Technical Analysis – Strong macro and geopolitical drivers in action ...Middle East

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Crude Oil Technical Analysis – Strong macro and geopolitical drivers in action
Fundamental OverviewCrude oil rallied strongly last week following the tensions in the Middle East between Israel and Iran. We also got some key technical breakouts that increased the bullish momentum. Last Friday, we also got a strong US NFP report which cast aside recessionary fears and strengthened the case for a future pick up in activity amid the Fed's easing.In the big picture, central bank easing generally leads the manufacturing cycle, so we can expect global growth to pick up, especially after the Fed’s 50 bps cut and the Chinese officials surprising with strong easing measures. All these reasons should be bullish for the market and support prices in the next months barring a reces

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