Commitment of Traders (COT) Report – CL
Institutions unwind-ed longs of -6832 while created decent shorts of 7365 contracts, having said that overall smart money positioning is still on the long side.
The number of Retail traders net-long is 8.09% lower from last week, while the number of retail traders net-short is 1.32% higher from last week.
As per contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil – US Crude prices may continue to rise.
Nevertheless traders are further net-short than last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bullish contrarian trading bias.
Support: $41.3 – $40.08
Resistance: $42.65 – 45.83