With WTI’s longer-term uptrend in-tact and a cluster of support above $60, we see potential for at least a minor bounce, if not a retest of its highs. That said, the break to highs may not be straight forward given the subtle clues in market positioning.
Traders remain overwhelmingly net-long WTI, although a shift in sentiment was seen in last week’s COT report. Net-long exposure saw its largest weekly reduction since early February, ahead of further declines seen since last Tuesday. The move was driven by an increase of short bets (+16.9k contracts) and a reduction of longs (-6.4k contracts), which could point towards a deeper correction. Matt Simpson takes a technical look.
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