What Bullish Sentiment Means For Oil Prices

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$OSX is on a major buy signal, which can last for months and years.

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Speculative sentiment, according to open interests in the Commitment of Traders report, suggests that current sentiment is too bullish to support overall higher prices.

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What appeared to be a breakout this week was promptly reversed, thus resulting in a trend that is well established on the downside.

Summary
The energy sector is on a major buy signal. A correction is in progress. We have taken profits from our long positions and shall now wait for the correction to complete.

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