Monday, November 20, 2023 4:19 AM EDT
CME Group’s flash data for crude oil futures markets noted traders reduced further their open interest positions at the end of last week, this time by around 42.1K contracts. In the same direction, volume went down by nearly 250K contracts after three consecutive daily builds.
WTI: The next target emerges at the 200-day SMA
Prices of WTI rebounded strongly on Friday, although the bounce was accompanied by shrinking open interest and volume, removing strength from the continuation of the bullish move in the very near term. So far, WTI continues to target the key 200-day SMA, today at $78.12.
More By This Author:
EUR/JPY Price Analysis: Interim Contention Emerges At 158.80 Crude Oil Futures - A Deeper Drop Seems Not Favored Natural Gas Futures: Extra Losses On The Table
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
less
How did you like this article? Let us know so we can better customize your reading experience.