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Crude oil fell about 2% in the early European trading session by the seemingly lifted tensions and the higher inventories which might let the investors lead to long liquidations. Retracements towards the Quarter’s VWAP are possible as the market might develop a bearish bias on the daily for the lower periodicities. Macro perspective testing selling levels around the $100 area as well.
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The hourly perspective keeps the pace lower while testing the prior distribution area’s mean for potential supportive buyers. The bearish bias of the daily might turn the current VWAP and its upper standard deviation level into possible areas of further selling.
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Money Managers were net selling around 7722 contracts of WTI Crude oil as of February 8th, in combination with long liquidation of around 3800 contracts. This might pressure the market additionally as the net position cycle seems around the highs to reverse.
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