Commitment of Traders (COT) Report – CL
Institutions unwind-ed longs of -8293 while created decent shorts of 2967 contracts, having said that overall smart money positioning is still on the long side.
The number of retail traders net-long is 24.10% higher from last week, while the number of traders net-short is 21.07% lower from last week.
As per contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall, however institutions are still on the long side and retailers long postions are not that huge, so there is strong chance of upside rather than the downside.
Our first target achieved i.e. $42.65
Support: $41.3 – $40.51
Resistance: $42.65 – 45.83