Crude Oil Technical Price Outlook: WTI Pullback Testing Pivot Support

CRUDE OIL TRADER SENTIMENT

Crude Oil Trader Sentiment

  • A summary of IG Client Sentiment shows traders are net-long Crude Oil - the ratio stands at +2.61 (72.3% of traders are long) – bearish reading
  • Traders have remained net-long since October 11th; price has moved 28.4% lower since then
  • Long positions are12.3% higher than yesterday and 6.7% higher from last week
  • Short positions are 15.6% lower than yesterday and 13.7% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Crude prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger Crude Oil-bearish contrarian trading bias from a sentiment standpoint.
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Disclosure: Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment ...

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