As a result of yet another polarizing tweet by Donald Trump, in which he criticizes the high prices of oil and the output policy of OPEC, the price of oil collapsed with the futures market registering a 1.96% drop for crude and 1.70% drop for Brent in just two hours after the tweet.
Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!
— Donald J. Trump (@realDonaldTrump) February 25, 2019
The price of the crude oil went down from 57.34 dollars to 55.68 dollars, following the release of the tweet, but the price is still trading above the major support level of 55.38. It is yet to be seen whether the initial volatility, caused by the market's reaction to the unexpected tweet by the President, is going to have any longer-term effects.
In case that after this initial volatility is exhausted and the price level is above this support, then this would be an indication that the short-term trend remains with a positive outlook. However, should the price break and close below the 55.38 level, then this might indicate that the market is ready to enter into negative territory.
Image source: Trendsharks ©, created with TradingView.com
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