fter WTI suffered its most bearish session this year on Friday, we think there could be further downside as part of its correction.
As we noted in this week’s COT report, WTI has seen a steady decrease of short exposure this year whilst long exposure has also tracked prices higher. So, despite WTI’s wobble at the highs on Friday, we suspect losses are part of a much-needed correction.
RSI(2) was heavily oversold on Friday, so the bias is for a minor bounce before it extends losses, then we’ll have the 61.80 low and 60.39 high in focus for potential targets.
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