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2 Apr 2020
Oil Asia Price Forecast: US President Trump tweet makes WTI jump 25%
- Oil jumps as Trump tweets give hope for a Saudi-Russian deal.
- The level to beat for bulls is the 28.00 resistance.
WTI daily chart
WTI is jumping from the March lows however the trend remains strongly to the downside and it remains to be seen if there will be any follow-through. US President Trump in a tweet attempted to save the oil market by suggesting that a Saudi-Russian deal is on the pipeline.
WTI four-hour chart
The market is attempting to break away from the range of the last weeks while trading above the 24.00 level and the 50 SMA on the four-hour chart. The bulls are also putting to the test the 100 SMA which is sloping down suggesting that the momentum is still bearish. However, a break above 28.00 could lead to further speculative interest towards $32.00 a barrel.
Additional key levels