Crude Oil Consolidates however Retail Positioning Changes Support a Bullish Posture

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Crude Oil, WTI, Retail Trader Positioning, Technical Analysis – IGCS Commodities Update

  • Crude oil consolidation had continued in latest days
  • But, retail merchants are constructing draw back publicity
  • Is this an indication that WTI could resume greater subsequent?

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Crude oil costs have been consolidating as of late, taking a breather from the uptrend since June. While costs have been stagnant in latest days, retail dealer publicity has not. This may be seen by having a look at IG Client Sentiment (IGCS), which usually works as a contrarian indicator. The indicator reveals that draw back bets are slowly rising. What does this imply for WTI forward?

Crude Oil Sentiment Outlook – Bullish

According to IGCS, solely 36% of retail merchants are net-long WTI. Since most of them are biased to the draw back, this continues to trace that costs could rise down the highway. This is as draw back bets have elevated by 12% and 6% in comparison with yesterday and final week, respectively. With that in thoughts, the mixture of total bets and up to date modifications provides a bullish contrarian buying and selling bias.

of purchasers are web lengthy.

of purchasers are web brief.

Change in Longs Shorts OI
Daily -11% 15% 5%
Weekly -11% 18% 7%

On the each day chart beneath, WTI was unable to interrupt underneath the 20-day Moving Average, which held as assist as costs left behind a decrease wick. This additionally strengthened the 61.8% Fibonacci extension degree at 88.75, sustaining the broader bullish technical bias. In the occasion of a breakout decrease, hold a detailed eye on the 84.84 inflection level and the 50-day MA.

The latter could maintain as assist, sustaining the broader upside focus. Otherwise, pushing greater from right here locations the give attention to November highs (92.43 – 93.72), undermining the Bearish Engulfing that emerged final week.

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Crude Oil Daily Chart

Crude Oil Daily Chart

Chart Created in Trading View

— Written by Daniel Dubrovsky, Senior Strategist for

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