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US OIL re-testing 50 MA. Trump’s tweet in play?


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One for the radar

Oil is an interesting chart at the moment. Seasonally week in September it  has been knocked around by headlines recently. The fears of lack of supply from Iran and then Saudi Arabia happy to see oil at $80 sent it moving higher. However, President Trump sent it lower with a tweet yesterday criticising the high oil prices and letting OPEC know he wants to see it down.
Price is now re-testing the underside of the 50MA. Watch the reaction of the 1 hr chart. Break above is bullish , containment below and near term risk is just above the 50MA level
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