Commitment of Traders (COT) report analysis- CRUDE OIL Futures Only Positions as of 2020-08-11

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