Crude Oil Investing – Twitter responsible for trends

This may sound funny but it is true. President Trump’s tweets are moving the prices in commodity markets. Commodity prices are highly impacted by global news and President Trump seems to be releasing statements that are helping traders decide the trend. Traders sentiments are changing with every tweet.

Crude Oil prices traded higher on Monday after US President Trump threatened Iran via Twitter. Tensions between the two countries have been heating up since the US administration tightened sanctions on Iranian oil exports after withdrawing from an Obama-era nuclear disarmament deal.

Crude Oil futures on Monday rallied and continued the rally on Tuesday. Crude Oil June contract on MCX closed at 4415 after touching a high of 4461. This was expected rally since traders are expecting global supply going down while demand of Crude Oil increasing. Most growing economies are affected by Crude Oil supply and thus global prices affect all currencies.

Technical and Fundamentals

Fundamentals suggest a rally in CrudeOil prices but there seems to a resistance and buyers might not be able to break this resistance. Looking at WTI futures, we can expect a resistance at $63.60. MCX CrudeOil prices would also face resistance and we can expect sellers to jump at 4550 levels.

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Crude Oil Investing – Twitter responsible for trends

This level has been hard to break and we have seen that when Crude Oil prices tried to rally earlier this month.

We could also expect buyers to support prices at 4350 and so we could expect a volatile session which makes it easy for traders to earn and also make this counter very risky to trade.

We can expect a choppy session from here until we see prices breaking resistance or support. Traders are also concerned about global growth due to extended trade war between US and China.

Trading tip

As mentioned, Crude Oil futures will be volatile, a trader should trade cautiously. Please follow strict stop loss. A trader could enter into long position at support or short position at resistance.

Markets will be choppy and President Trump could change it. You might want to try requesting him to tweet in your favor.

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