USOIL Bullish Trading Bias
Retail trader data shows 55.9% of traders are net-long with the ratio of traders long to short at 1.27 to 1. In fact, traders have remained net-long since Oct 11 when Oil - US Crude traded near 7021.3; price has moved 18.2% lower since then. The number of traders net-long is 3.7% lower than yesterday and 16.5% lower from last week, while the number of traders net-short is 3.4% higher than yesterday and 12.6% higher from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Oil - US Crude price trend may soon reverse higher despite the fact traders remain net-long.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Oil - US Crude price trend may soon reverse higher despite the fact traders remain net-long.
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