• Entry at completion of 2nd Elliot wave, crucial 50% Fibonacci retracement.
• Fundamentals signal caution with hedge funds short positions slowing down:
“Hedge funds cut their combined net long position in NYMEX+ICE WTI by -12 million bbl to 269 million bbl in the week to Mar 28. Long positions were cut by -11 million bbl while shorts increased by +1 million bbl. The ratio of long to short positions fell to 3.1:1 from 3.4 in the prior week and a recent high of 11.5 on Feb 21. Hedge funds added a further +6 million bbl of short positions in NYMEX WTI but the rate of new short sales slowed markedly from the two previous weeks.”
John Kemp, Reuters
• Fundamentals signal caution with hedge funds short positions slowing down:
“Hedge funds cut their combined net long position in NYMEX+ICE WTI by -12 million bbl to 269 million bbl in the week to Mar 28. Long positions were cut by -11 million bbl while shorts increased by +1 million bbl. The ratio of long to short positions fell to 3.1:1 from 3.4 in the prior week and a recent high of 11.5 on Feb 21. Hedge funds added a further +6 million bbl of short positions in NYMEX WTI but the rate of new short sales slowed markedly from the two previous weeks.”
John Kemp, Reuters
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.