Crude Oil Futures: Further downside in store
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
In light of advanced prints from CME Group for crude oil futures markets, traders scaled back their open interest positions by around 14.2K contracts following four consecutive daily builds on Tuesday. Volume, on the other hand, rose for the second straight session, this time by nearly 114K contracts.
Tuesday’s uptick in prices of the WTI was on the back of declining open interest, which removes strength from the continuation of the rebound in the very near term. WTI prices could then challenge the weekly low at $82.10 (October 18).
[/s2If]
Join Our Telegram Group
