Crude Oil Futures: A corrective bounce appears on the cards
…
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)]
CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 3.7K contracts on Tuesday, leaving behind five consecutive daily builds. Volume, instead, increased for the second session in a row, this time by around 73.1K contracts.
Prices of the barrel of the WTI dropped markedly and printed new 2023 lows near $70.80 on Tuesday. The acute pullback, however, was on the back of dwindling open interest and opens the door to a probable rebound in the very near term. The bearish view in the commodity maintains a potential drop to the $70.00 mark for the time being.
[/s2If]
Join Our Telegram Group
