Oil – US Crude IG Client Sentiment: Our data shows traders are now net-short Oil – US Crude for the first time since Sep 16, 2019 when Oil

Oil - US Crude chart

Number of traders net-short has increased by 48.46% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI


Oil – US Crude

BULLISH

49.34%

50.66%

-5.41%
Daily

-17.36%
Weekly

20.25%
Daily

48.46%
Weekly

6.05%
Daily

6.57%
Weekly

Oil – US Crude: Retail trader data shows 49.34% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Sep 16 when Oil – US Crude traded near 6,177.00, price has moved 7.68% lower since then. The number of traders net-long is 5.41% lower than yesterday and 17.36% lower from last week, while the number of traders net-short is 20.25% higher than yesterday and 48.46% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil – US Crude prices may continue to rise. Our data shows traders are now net-short Oil – US Crude for the first time since Sep 16, 2019 when Oil – US Crude traded near 6,177.00. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bullish contrarian trading bias.

Source link

Spread the love